Indian telecommunication giant Bharti Airtel has received foreign direct investment clearance from the government for the sale of 20 percent stake in its direct to home satellite (DTH) arm Bharti Telemedia to New York-based private equity firm Warburg Pincus for $350 million.

Bharti Airtel will sell its 15 percent stake in Bharti Telemedia and the balance will be sold by another Bharti entity, which holds 5 percent stake in the company.

The approval comes at a time when competition in the market is heating up.

Bharti Telemedia has a revenue of about $550 million in the 12 month period ended on September 30.