Wednesday, January 12 2005 17:23 Hrs (IST) - World Time -

New Delhi: India's largest private telecom operator Bharti today (Jan 12, 2005) announced tying up $ 354 million international funding, one of the largest in the country's telecom sector.

The funds, raised from Swedish export credit agency (EKN) and Finn Fund of Finland, would be used for expansion of the company's mobile operations in the country from 20 states at present.

EKN provided $ 254 million while Finn Fund extended a $ 100 million loan, Bharti Televenture said in a statement in New Delhi.

The funding has been arranged at an approximate spread of 35 basis points over LIBOR, the company said adding the total cost of funding is about 4.4 per cent as on date, without currency hedge. This long term funding has an average tenure of over five years.

Commenting on the funding, Akhil Gupta, Joint Managing Director of Bharti Televenture, said, "This funding at a very attractive cost is not only a significant vote of confidence in Bharti's capabilities and strong management team but is a testimony to the true potential of the Indian telecom market."