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GIC has Singtel's back in Bharti Airtel rights issue

Chan Chao Peh
Chan Chao Peh3/12/2019 11:48 PM GMT+08  • 3 min read
GIC has Singtel's back in Bharti Airtel rights issue
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
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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.

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