Bharti Airtel, the world's fifth-largest mobile phone company by subscribers, on Monday approached investors in the overseas bond market to raise $1 billion, nearly two years after it first planned to undertake the offering. If the Bharti issue mops up at least $500 million, the company will be the second-largest private sector borrower to tap the global bond market this year after Reliance Industries' $800-million perpetual bond in late January. The telco said in an announcement to the Bombay Stock Exchange that proceeds from the bond sale program would go towards 'repayment and refinancing of existing foreign currency indebtness with the rest for general corporate purposes.'

Source - http://economictimes.indiatimes.com