Ali Hasan
It’s good news for Airtel as it has got the approval of 100% FDI for their subsidiaries. Telecom Company Bharti Airtel announced that it has received the required regulatory approvals for 100% foreign direct investments in its downstream companies.
In a regulatory filing, the company said that it is initiating the process to revise its foreign investment limit, as notified to its depositories, to 100% with immediate effect.
“Further to our intimation dated January 21, 2020, we wish to inform you that in compliance of the FDi approval dated January 20, 2020 granted to the Company by the Department of Telecommunications, the company has received approvals for its relevant downstream investments,” it said.
Shares of Bharti Airtel surged 5% to Rs 610 on the BSE on Friday after the global index provider MSCI said it will take a decision on increasing the weightage of the telecom services provider at upcoming index review in February. The stock was trading close to its record high level of Rs 612, touched on May 20, 2020.
This might help them in outperforming their arch rival Jio as the latter is facing a lot of heat due to the ongoing farmer’s protest where a lot of people could be seen porting their Jio sim cards into Airtel.
