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 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.
The conglomerate owns Bharti Airtel, a telecoms group with more than 400mn customers in India and extensive operations in Africa. Bharti Airtel emerged as India’s second-largest telecom company following a brutal price war instigated by rival billionaire Mukesh Ambani in 2016.
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