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The SBI has offered Bharti Airtel a whopping $1 billion as loan for the partial funding for the buying of stakes in South Africa’s MTN.
SBI has plans for joining hands with foreign lenders who are interested in funding the deal. The aim is to create the world's third-biggest wireless group.
"Bharti is our customer. We looked at the transaction and thought we could be part of it too," one source, who has direct knowledge of the transaction, said.
The loan has been offered for a period of 3 to 5 years.
"We have no further comment to offer at the moment," said a spokesman for Bharti, with reference to its statement in May announcing that it has plans fro buying the stakes of MTN.
State Bank officials declined comment.
