Bharti Airtel, which operates in 20 countries across Asia and Africa, said on Saturday that China Development Bank had committed a $2 billion credit line, while Industrial and Commercial Bank of China has offered a $500 million credit line.
The company signed the term sheets for the financing options in the presence of Prime Minister Narendra Modi, who is on an official visit to China.
With a majority of the country still using more basic "feature phones", India's smartphone market is expected to grow at about 36 per cent a year over the next five years, according to consulting firm Zinnov, making the higher margin mobile data business a potentially lucrative bet for network operators.
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