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.

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.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook