Telecom service provider Bharti Airtel today in a BSE filing confirmed that the company had received approvals for all relevant downstream investments in compliance with the FDI approval dated 20th January 2020 granted to Bharti Airtel by the Department of Telecommunications (DoT).
Bharti Airtel accordingly has initiated the process to revise its foreign investment limit as notified to its depositories to 100 percent with immediate effect.
“We wish to inform you that in compliance of the FDI approval dated January 20, 2020 granted to the Company by the Department of Telecommunications, the Company has received approvals for its relevant downstream investments. Accordingly, the Company is initiating the process to revise its foreign investment limit, as notified to its depositories, to 100% with immediate effect,” Bharti Airtel said in its BSE filing.
The approval by DoT last year allows Bharti Airtel to raise more funds from overseas if needed. While the approvals were in place for Airtel, the approvals for subsidiaries also needed their own approvals including its DTH business, Airtel Payments Bank, and other subsidiaries. Bharti Airtel had last year said that it did not expect any hiccups to worry about expecting the approvals to come within weeks or few months which are now in place.