Airtel not under DGFTs blacklist entities anymore

Indian global telecommunications company, Bharti Airtel today said that it has been removed from the denied entry list of Directorate General of Foreign Trade (DGFT).

Bharti Airtel said in a statement that it had highlighted relevant details and submitted the documents to DGFT, after which, it was removed from the list. The move comes as a relief to the telecom company which had been trying for long to get its name removed from the list. However, the company said that they are still working with the authorities to complete a few pending formalities.  

Notably, DGFT, an agency of the Ministry of Commerce and Industry had earlier blacklisted Airtel that is, put them under ‘denied entry list’ which restricts an entity from importing or exporting its goods and services. The companies in this list also, lose their import licence. Bharti Airtel was put under this list for non-fulfillment of export obligation in respect of certain Export Promotion Capital Goods (EPCG) authorisation issued to it.

At the time of market closing on Friday, the stock of Bharti Airtel Ltd was trading at Rs 497.50, up by 1.62 per cent against its previous close of Rs 489.55 on BSE.