Mittals looking to raise $2 bn to buy portion of Singtel stake in Airtel

As per a media report, Mittals are in talks with some major banks like BNP Paribas, Bank of America, Citibank, JPMorgan, and Standard Chartered to raise over $2 billion

The Mittal family is in talks with several investment banks, via promoter entities, to raise Rs 15,500 crore through onshore/offshore credit lines, according to a report in Economic Times. The money will be used to buy a portion of Singapore Telecommunications' (Singtel's) holding in Bharti Airtel.

As ET reported, Mittals are in talks with some major banks like BNP Paribas, Bank of America, Citibank, JPMorgan, and Standard Chartered to raise over $2 billion.

Mittals and Singtel own 50.56 per cent and 49.44 per cent, respectively, of Bharti Telecom. Bharti Telecom holds 35.85 per cent stake in Bharti Airtel. 

In addition