The international investment arm of Bharti Enterprises, Bharti Global, on Monday announced to acquire 24.5% stake in BT Group from Altice UK. Indian High Commissioner to the UK, Vikram Doraiswami, said, "Delighted Bharti Global of India is investing in 24.5% of the shares of UK's BT Group. This will support BT's plans to build fibre, roll out 5G and develop services."
Bharti Global is an Indian-origin company dealing in telecommunication, digital infrastructure and space communications. The shares will be purchased through Bharti Televentures UK Ltd, a company established and wholly owned by Bharti Global. Bharti Televentures UK Ltd has entered into a binding agreement with Altice UK to acquire 9.99% stake of BT Group’s issued capital imminently with the balance 14.51% of BT’s share capital to be acquired following receipt of applicable regulatory clearances, the company said in a statement.
The company said that the investment in BT aims to support Prime Minister Narendra Modi's commitment to elevating and broadening the India-UK ties.
On being asked how Bharti Global's acquisition of 24.5% stake in UK's BT Group will help Airtel's operations in the broadband area in India, Founder & Chairman of Bharti Enterprises, Sunil Bharti Mittal said, "This is an investment by Bharti enterprises...Best practices sharings can always take place between shareholders on both sides. At the moment, Airtel is not engaged in this particular process or seeking any technology from BT."