NEW DELHI: Indian billionaire Sunil Bharti Mittal’s conglomerate has agreed to buy a 24.5 per cent stake in BT Group from Patrick Drahi’s Altice, saying the investment was a vote of confidence in the telecoms group and the UK.
Bharti Enterprises said on Monday that its international investment arm would buy 10 per cent of BT’s shares from Altice immediately and purchase the remainder after it had secured the necessary regulatory approvals. It did not intend to make an offer for the whole of BT, Bharti added.
The investment raises the profile of the 66-year-old billionaire who amassed his fortune in India’s telecoms market. Bharti Airtel, the largest part of his empire, emerged as India’s second-largest operator following a brutal price war instigated by billionaire Mukesh Ambani in 2016 that felled several rivals.
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