New Delhi (Anish Yande): Bharti Airtel, one of the leading telecom companies in India, has announced that it has acquired regulatory approvals related to FDI from the Indian government. The telecom company has received regulatory approvals for increasing the limit of foreign direct investment in its subsidiaries.
Bharti Airtel recieves government approval for 100% FDI:
The government has approved requests by Bharti Airtel, which increased the limits for FDI to 100 percent in its downstream companies.
Bharti Airtel, in a filing in the BSE, stated, 'In compliance with the FDI approval dated January 2020 granted to it by the DoT, the company has received necessary approvals for its relevant downstream investments.
The filing stated that Bharti Airtel would be initiating the process to change its foreign investment limit. The limit has been revised to 100% with immediate effect.
Share prices of Bharti Airtel rise following the announcement:
Jio gained in its revenue market share to 37%. The company's revenue market share rose to 32%. The downstream activities of Airtel would not be required to be compliant with existing norms relevant to FDI investment.
The announcement led to a rise of 6.3 percent in a trading session. The share prices rose to an intraday high of Rs 601.8 per share on the BSE.
Bharti Airtel share prices closed at Rs 565.75 on Tuesday's trading session. The share prices rose by more than 18 points, with a rise of more than 3 percent. The market cap of Bharti Airtel recorded a rise of Rs 3.20 trillion.
According to the data by the Telecom Regulatory Authority of India, the company recorded its highest number of users in September 2020 as compared to other telecom companies. Experts are predicting that the company would continue to increase the number of its users in 2021.
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