Bharti Group said on Thursday that it will not dilute its share in its telecom arm Bharti Televentures even if the government raises the foreign direct investment limit in the sector.
"If the question is that we will reduce our stake in Bharti after the FDI limit goes up, the answer is no," Bharti Televentures chairman Sunil Bharti Mittal told newspersons here.
He said the company would not rush in to raise funds even if the FDI limit goes up as it has enough cash for expansion in the near future.
The shareholders of Bharti Televentures have approved a sponsored American Depository Reciept issue of 20 crore shares.
"The sponsored ADR issue is being done to establish Bharti's name in world financial markets after it was listed in Forbes list of most attractive public company for investors. In future, if an opportunity comes up for providing telecom services elsewhere in the world it would help," Mittal said.
On concerns about security in view of increase in FDI in telecom, Mittal said he was against putting hurdles in the way of companies wanting to raise funds from abroad.
"As telecom companies expand services, more funds will be required. As far as security concerns over raising FDI limit are concerned I think India is strong enough," he said.
"We have FDI in Bharti but we function as an Indian company. We would like to access capital from abroad in future but will keep running as an Indian company," Mittal said.
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