Airtel to invest Rs 20,000 cr despite economic slowdown; Sunil Mittal seeks govt support for faster clearances

Bharti Airtel chief Sunil Mittal has no plan to halt investments in the business and sought government’s help for speedier clearances for streamlining the company’s investment plans. He also welcomed the telecom regulator’s move to initiate talks towards fixing the floor price for data and voice tariffs, said news reports. Mittal said the company would invest around Rs 20,000 crore in the business as part of the annual target despite the ongoing economic slowdown in the country, said a report in the Business Standard. [caption id=“attachment_4264391” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] Mittal had a discussion with Commerce and Industry Minister Piyush Goyal on various issues and sought the government’s support for faster clearances to streamline the group’s investment plans, report a report in The Economic Times. Welcoming the Telecom Regulatory Authority of India’s (TRAI) move to initiate talks on setting the floor price for data and voice, Mittal hoped of getting relief on the telco’s over Rs 35,500 crore adjusted gross revenue (AGR) dues, the report said. “TRAI finally floated a consultation paper on tariffs, that was our request and we are glad that they have heeded to the request of the industry,” Mittal was quoted as saying in the report. Early this month, Bharti Airtel’s board had approved raising $4 billion through equity dilution and debt funding. The board had given its go-ahead to raise up to $3 billion and has also approved raising an additional $1 billion. Last month, Airtel and Vodafone Idea had announced to hike mobile phone call and data charges from December saying the increase was warranted for the viability of their business. Airtel, which has been hit hard by the Supreme Court ruling on statutory dues, had posted the highest-ever loss of Rs 23,045 crore during the second quarter ended 30 September. — With PTI inputs