Bharti Airtel on Thursday said that it is investing Rs 5,000 crore in scaling up its data centre business which is now rebranded as Nxtra.
'Bharti Airtel today announced its commitment to contribute to global efforts to mitigate the impact of climate change and build a sustainable planet,' Airtel said in a statement.
Briefing reporters on the decisions taken by the Cabinet, Telecom Minister Ashwini Vaishnav said nine structural reforms for the telecom sector were approved.
Cloud gaming enables users to stream and play games in real-time without having to download these or invest in gaming hardware.
The approved fundraise, Mittal noted, would help accelerate investments across several of the company’s verticals, including 5G, but without further loading the company with any additional debt.
Shares of Bharti Airtel gained over 4 per cent after the company's board approved raising up to Rs 21,000 crore by way of rights issue.
The mega fundraising is bound to give more firepower to Airtel, as the company takes on rivals in the fiercely-competitive Indian telecom market.
Indian equity markets hit a record high as Nifty-50 closed just above 16,700 while Sensex closed above 56,000.
On August 17, however, the DoT had sent demand notices for the payment of these dues within the week, failing which Bharti Airtel’s bank guarantees would be invoked.
Vodafone Idea's Q1 FY22 results were fraught with challenges from the second wave of COVID-19, which led to a steeper-than-peers decline in subscriber base as well as average revenue per user.
The top court in its judgement on July 23 dismissed the petitions filed by Vodafone Idea, Bharti Airtel and many other telecom companies and refused their pleas seeking adjustment of AGR demand.
'The industry requires long overdue support to maintain its current 3+1 industry structure and allow players to earn a respectable return on their investments,' Mittal said.
Airtel's total revenue surged 15.3 per cent year-on-year to Rs 26,854 crore during the first quarter ended June 30, according to a company statement.
According to a research note by Goldman Sachs, Airtel’s move to raise prepaid tariffs increases the probability of a near-term tariff hike in the segment.