Bharti Tele-Ventures today announced tying up of loans totalling $354 million via international funding - one of the largest in the country's telecom sector.The funds, raised from Swedish Export Credit Agency (EKN) and Finnfund of Finland, would be used for expansion of the company's mobile operations.While EKN will provide $254 million, Finnfund will advance $100 million, a Bharti statement said today."The funding has been arranged at an approximate spread of 35 basis points over Libor," the release said, adding the total cost of funding is about 4.4% without currency hedge. The loans have an average tenure of over five years.Akhil Gupta, joint managing director of Bharti Tele-Ventures, 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 also a testimony to the true potential of the Indian telecom market."
