Global corporate financial performance rating agency, Fitch said that the Bharti-MTN deal could end up in turning $ 6.9 bn additional debt for the companies. The agency however added that it will till the outcome of the talks to review ratings on the two firms.

"Under the current terms as presented to the market, it could result in additional net debt of 4 bn dollars at Bharti and 2.9 bn dollars at MTN," said Fitch.

"Nevertheless given the early stages of the discussions, potential regulatory hurdles and other associated uncertainties surrounding the transaction, Fitch will await finalisation of the transaction structure before taking any formal rating action.