Singtel is looking to raise its stake in Bharti Telecom, the largest stakeholder in Bharti Airtel, to over 50 percent, reported The Economic Times.

The move, the report said, will convert the holding company into a foreign-owned entity with over 85 percent foreign ownership, said the report.

A Bharti Airtel spokesperson told the newspaper that it was seeking investments in order to reduce some debt.

Currently, the report said, a majority stake in the entity is held by the Sunil Mittal family thus making it a firm were domestic stakeholders hold a majority. However, with the rise in Singtel stake, which currently holds 48 percent, the situation would change leading to the entity getting identified as a foreign investor.