Singtel owns a direct stake of 15% in Bharti Airtel, which has been bruised by price-cuts-for-market share initiated by new competitor Jio, which is funded by the deep pockets of Reliance Group.
SINGAPORE (Mar 11): GIC, Singapore’s sovereign wealth fund, is making a concerted effort to help Singapore Telecommunications (Singtel), the largest government-linked company, maintain the city state’s hold on India’s Bharti Airtel, which is tapping investors for fresh funds of US$3.5 billion ($4.75 billion) so that it can continue to wage a brutal price war in the Indian mobile market.
“Our participation in this rights offering with our partners and a leading investor such as GIC reflects our long-standing commitment to Airtel and the confidence in the future of the Indian market,” says Arthur Lang, CEO of Singtel’s International Group.
