Bigger India
Troubles of Indian-based Wireless Giant May be SA’s Gain
S&P Global Ratings put a negative outlook on Bharti Airtel’s BBB- rating on May 3 after “cut-throat pricing” led to weaker-than-expected earnings and given the need for high capital spending.
Bharti Airtel Ltd. is looking to pare $4.6 billion from its net borrowings over the next three years by listing its African unit and potentially selling some stake in its tower business, according to a person with knowledge of the matter, in a bid to safeguard its investment grade ratings.
India’s top wireless operator plans to raise as much as $1.5 billion by listing a quarter of equity in its Africa unit by early 2019 in either London or South Africa, the person said, asking not to be identified as the information isn’t public. The parent will also look to sell part of its stake in the $14.6 billion tower giant after Bharti Infratel Ltd. merges with Indus Towers Ltd.