The Bharti Group is raising $320 million in loans from a clutch of banks, including ABN AMRO and Singapore's DBS Bank, group chairman Sunil Mittal said on Tuesday.
"The funds will be used for our projects," Mittal told Reuters on the sidelines of a lecture by Deputy Prime Minister L K Advani, adding the loan deals will be unveiled later on Tuesday in Mumbai.
Mittal said the funds are being raised at a rate of "under" six per cent per annum.
Bharti Tele-Ventures Ltd, the flagship company of the Bharti group, is India's biggest mobile phone company. Singapore Telecommunications Ltd owns 16 per cent of the company.
A Bharti group official told Reuters some of funds have already been drawn down. The loans have been made by Bharti Tele-Ventures as well as Bharti Cellular and Bharti Infotel.
The loans include a $125 million syndicated loan from ABN AMRO and a line of credit from a European agency, which was also arranged by ABN, the official said.
About $22 million is being funded by the Nordic Investment Bank, the official added.
