Bharti Airtel rings up lenders for $3-billion funding to clear AGR dues

Bharti Airtel's internal accruals insufficient to pay the AGR dues of nearly Rs 28,000 crore in the next three months, say sources

Telecom services provider Bharti Airtel has called banks out to raise up to $3 billion (around Rs 21,000 crore)  predominantly to pay the dues on account of adjusted gross revenue (AGR).

A senior executive with a global bank said the obligation to pay the AGR dues as a fallout of the Supreme Court ruling was expected to put huge pressure on the existing resources of the mobile operator.

A Bharti Airtel spokesperson declined to comment on the company’s plans to raise fresh funds from banks. Sources in the company, however, said Bharti Airtel’s internal accruals were insufficient to pay the