PRESS RELEASE

Bharti Airtel Ltd has announced that the Bharti Infratel, a wholly owned subsidiary of the Company, on 28 December, 2007 announced that leading International investors have agreed to invest USD One Billion in Bharti Infratel. The International investors are Temasek Holdings, The Investment Corporation of Dubai (ICD), Goldman Sachs, Macquarie, AIF Capital, Citigroup & India Equity Partners (IEP), with Temasek Holdings being the largest investor.

The enterprise valuation has been agreed to be in the range of USD 10 to 12.5 Billion, and the final valuation, within this range, will be determined on the basis of Bharti Infratel’s actual operating performance in FY 2008-09. This placement highlights the confidence of leading global investors in the Indian telecom sector, which is now the fastest growing telecom market in the world and the Bharti Group. It is also an endorsement of the Government’s visionary policy on sharing of passive infrastructure.

Bharti Infratel owns close to 20,000 sites and holds approximately 42% stake in Indus Towers, the recently announced joint venture between Bharti, Vodafone and Idea, which has over 70,000 sites. Bharti Infratel and Indus Towers will provide passive infrastructure services to all wireless telecom operators in India on a non-discriminatory basis. Sharing of passive infrastructure results in capex and opex savings and higher capital efficiency for all wireless operators, enabling quicker roll out of services especially in rural areas, thus benefiting millions of people across India.