India’s largest wireless telephone company, Bharti Airtel Ltd has been in talks with various lenders to raise funds from overseas share market, which it plans to use for repaying the money borrowed in domestic market, said a media report.

The report added that company may raise up to Rs 5,500 crore from overseas market and subsequently swap that with local loans.

Bharti Airtel, carrying a debt of Rs 69,000 crore on its books as of March this year, has been struggling to repay its loans and rising costs of such loans. The move would be a part of the strategy of the company to revive its growth as earnings fell for the last two quarters.

Bharti, which has invested in Africa and bought third- and fourth-generation wireless spectrum to boost data use in India, may start the process to sell the bonds in the coming quarter, said reports.

Meanwhile, the tower arm of the company, Bharti Infratel has been raising as much as Rs 4,530 crore in the IPO, providing an exit for companies including Temasek Holdings Pte, Goldman Sachs and Citigroup Inc., which bought a USD 1 billion stake in 2007.