Shareholders of India’s Bharti Airtel Ltd on Wednesday approved a $1.2 billion deal to sell a 5 percent stake of the company to the Qatar Foundation Endowment, the company said.
The deal marks Qatar’s first major investment in a listed Indian company. It will also help Bharti Airtel, India’s top telecommunications carrier, pare some its $11.7 billion debt.
The Qatar Foundation Endowment is an investment vehicle of the Qatar Foundation controlled by Sheikha Mozah, the wife of the country’s ruler.
India’s Bharti Airtel shareholders approve stake sale to Qatar investor