Telecom company Bharti Airtel on Tuesday said the Department of Telecommunications (DoT) has approved raising its Foreign Direct Investment (FDI) limit to 100 per cent from an earlier 49 per cent.
A stock exchange refilling of the company stated that it also has the approval of the Reserve Bank of India (RBI) to allow foreign investors to hold up to 74 per cent stake in the company.
Bharti Airtel Limited has received the approval from the Department of Telecommunications (DoT) vide its letter dated January 20, 2020, for increasing the limit of foreign investment up to 100 per cent of the paid-up capital of the company,” the filing said.
It may also be noted that subject to applicable laws, the aforesaid approval read together with the RBI (Reserve Bank of India) approval dated July 3, 2014, granted to the company allows the FPls/Flls to invest up to 74 per cent of the paid-up capital,” it further added.
The approval comes few days before the company has to clear statutory liabilities of up to nearly Rs 35,586 crore, of which Rs 21,682 crore is licence fee and another Rs 13,904.01 crore is spectrum dues (excluding the dues of Telenor and Tata Teleservices).
Bharti Telecom had applied for infusion of Rs 4900 crore into the telecom company earlier that includes investments from some top foreign investors.