Airtel recently received 5G spectrum allocation letter from Department of Telecom. Now, Singapore Telecommunications (Singtel) is set to sell a 3.3 percent stake in the Indian telecom sector directly, a report said. Singtel will raise about SGD 2.25 billion (roughly Rs. 12,900 crore) from the sale and use it to finance 5G operations and expansion. The Singapore-based telecommunications company will sell its 3.3 percent stake to Bharti Telecom, a joint venture between Singtel and Bharti Enterprises.
According to A Report Singtel will sell its 3.3 percent stake in Indian telecom major Airtel for around SGD 2.25 billion (roughly Rs. 12,900 crore), via Bloomberg. According to reports, the company’s stake in Airtel will be sold to Bharti Telecom, a joint venture between Singtel and Bharti Enterprises.
Singtel will use the funds to finance its 5G operations and expansion. Even after the sale of 3.3 per cent stake, the company will hold 29.7 per cent stake in Indian Telecom. The Singapore company will see a net profit of around SGD 600 million (approx. Rs. 3,400 crore).
According to reports, Singtel is streamlining its portfolio to focus on its 5G operations. The company is also selling an advertising firm and a cyber security unit called Trustwave.
As per earlier reports, Airtel received the 5G spectrum allocation letter within hours of transferring the money to India’s Department of Telecommunications (DoT). This was the first time that the DOT sent the allotment letter on the same day as the payment.