Bharti Global, the international investment arm of Bharti Enterprises, announced that it has completed the acquisition of 24.5 per cent of the issued share capital in UK’s BT Group plc. This makes Bharti, which runs telecom company Airtel, the majority shareholder in the UK’s second largest telecom company, the BT Group, which was formerly called British Telecom.
In a statement, Sunil Bharti Mittal, Chair of Bharti Enterprises, said, “We’re delighted to have completed our investment into BT. Bharti has long recognised the enormous potential of the business. BT’s renewed focus on optimisation, strengthening networks and driving consumer growth makes it well placed to consolidate its position as a leading global telecoms company that delivers long-term value for investors.”
Also ReadCCI slaps Rs 231 crore fine on Meta for data sharing
This marks the Sunil Mittal-led company’s second major international foray after it entered into Africa in 2010. The deal is estimated to be worth around $4billion.
Also Read Agro Tech Foods to buy Bharti-backed Del Monte in Rs 1,300-crore share swap Bharat Forge net profit up 13.22 per cent to Rs 361.12 crore Air India-Vistara merger finalised – Tata Group’s airline now India’s biggest international carrier Air India-Vistara merger takes off: Fleets of both airlines to formally combine today – All you need to know
In a statement, BT Group acknowledged the importance of this investment, calling it a vote of confidence in the company’s future. CEO Allison Kirkby too welcomed Bharti’s increased stake, noting the strong track record of success that Bharti Enterprises has demonstrated in the telecom sector. The acquisition underscores the growing ties between Bharti Enterprises and BT Group.
Earlier in October, Bharti Airtel announced its fiscal second quarter earnings with profit at Rs 3593.20 crore, posting a growth of 168.0 per cent in comparison to Rs 1340.70 crore during the corresponding quarter of FY24. It had posted revenue from operations at Rs 41,473.30 crore, up 12.0 per cent as against Rs 37,043.80 crore recorded during the same period of previous financial year. The revenue growth, it had said, was driven by strong momentum in India and sustained constant currency growth in Africa.
» Read More
