Airtel to raise up to $1 bn via global bonds?

MUMBAI, INDIA: Bharti Airtel, India's top mobile carrier, plans to raise $750 million to $1 billion through a global bond issue to retire its Africa debt and fund expansion there, the Economic Times reported on Monday.

The issue will be in the form of debentures and will have a tenure of 10 years, the newspaper said, citing an official with direct knowledge of the development.

Bharti could not immediately be reached by Reuters for a comment.

In June 2010, Bharti completed its $9 billion acquisition of African operations from Kuwait's Zain. It acquired the loss-making telecoms operations of Zain in 15 countries to become the world's fifth-biggest wireless carrier.

Loss related to Bharti's Africa business was at 525 crore rupees ($118.6 million) in the quarter ended on December 31.