New Delhi, Jan 30 (PTI) The Qatar Investment Authority will invest USD 200 million in Airtel Africa through a primary equity issuance in the company.Also Read - Google Play Introduces New Pre-paid App Subscriptions For Indian Developers to Help Generate More Revenue

“Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar has agreed to invest USD 200 million through a primary equity issuance in the company. The proceeds will be used to further reduce Airtel Africa’s existing net debt,” Airtel said in a statement. Also Read - Who Is Shireen Abu Akleh- The Al Jazeera Reporter Killed During Israeli Raid In West Bank

With this fresh investment, the overall debt of Bharti Airtel will reduce to USD 3.5 billion. Also Read - Al Jazeera Journalist Shireen Abu Akleh Shot in Head in West Bank, Dies

The investment from QIA is in addition to the recent USD 1.25 billion investment by six leading global investors, including Warburg Pincus, Temasek, Singtel, and SoftBank Group International, in Airtel Africa.

Representatives from the six investors have already joined the Airtel Africa board.

The fresh transaction with QIA will not involve any sale of shares by the existing shareholders, the statement said.

“We are excited to welcome the Qatar Investment Authority as a long-term strategic equity partner. We look forward to a long and fruitful partnership with QIA,” Airtel Africa said.

Airtel Africa Ltd is a pan-African telecommunications company with operations in 14 countries across Africa.

“As a long-term global investor, we are delighted to invest in one of the leading telecommunication companies in Africa. QIA will look forward to supporting Airtel’s vision in building a world-class business in the African continent,” QIA said.

In 2013, Airtel received investment from the Qatar Foundation Endowment, a entity managed by the Qatar’s royal family, which exited from the Indian telecom firm in November 2017 after selling stake for USD 1.48 billion.

This is published unedited from the PTI feed.