Telecom Giant Bharti Airtel on Tuesday said that it has received required regulatory approvals for 100 percent foreign direct investment in its downstream companies.

In a regulatory filing, the company said that it is initiating the process to revise its foreign investment limit, as notified to its depositories, to 100 percent with immediate effect. "Further to our intimation dated January 21, 2020, we wish to inform you that in compliance with the FDI approval dated January 20, 2020 granted to the Company by the Department of Telecommunications, the company has received approvals for its relevant downstream investments," it said.

The development, according to Edelweiss Alternative Research, can result in inflows of around $600-700 million for the company. Bharti Airtel had recently secured approval from the Department of Telecommunications to raise foreign investment limit to 100% in three of its subsidiaries viz Bharti Hexacom, Bharti Telecsonic and Bharti Teleport.

Reacting to the development, Bharti Airtel shares settled  3.41 percent higher on Tuesday’s closing.

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