SINGAPORE (Jan 17): On Jan 9, Bharti Airtel, once again, stretched its hands out, beckoning investors for more capital. By the end of the day, bankers have helped collect total subscription money of some US$10 billion ($13.5 billion) — more than three times the US$3 billion the Indian mobile operator’s trying to raise.

Evidently, investors are optimistic that Bharti’s earnings will recover, as the price war that bled the mobile operators in India reached a truce late last year. For more than three years, deep-pocketed, privately-held Jio, backed by the Reliance conglomerate, waged a price war for market share. Incumbents such as Bharti and Vodafone were forced to lower prices and compete. Commercial sense finally prevailed. With effect from December, mobile users in India now have to pay up to 40% more in data tariffs.

The end of the price war in India is a big positive for Singapore Telecommunications (SingTel), which controls 35.2% of Bharti. For the FY2020 ending March 31, 2020, SingTel’s share of losses suffered by Bharti is likely to reach $402 million, according to a consensus estimate of analysts compiled by Bloomberg. The following year, FY2021, SingTel’s share of Bharti’s earnings may improve to $1 million for FY2021 and $259 million for FY2022.

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