Even after BT divested its stake in Sunil Bharti Mittal’s conglomerate, the Indian billionaire continued to stay in touch with executives at the UK telecoms group.
When another billionaire’s financial difficulties arose, Sunil Bharti Mittal saw an opportunity to re-engage with BT. Patrick Drahi’s debt-laden Altice, which held a 24.5% stake in BT, sought to sell its shares. Mittal purchased the entire stake, valued at £3.2 billion at the closing price, marking his largest investment in the UK and a dramatic reversal in fortunes.
From 1997 to 2001, BT owned a 21% stake in Mittal's New Delhi-based telecom firm, which has since evolved into the $100 billion giant Bharti Airtel. "It’s a bit of a role reversal," remarked a Bharti executive following the announcement of the recent deal.
“It’s a significant acquisition—had it been smaller, we wouldn’t have been interested,” Mittal noted, highlighting the long-term commitment of the investment. He mentioned maintaining connections with BT management, including every CEO since 2001. Bharti Enterprises, he said, was approached by Altice “in the past couple of weeks.” With the French company working to reduce its $60 billion debt, “we were eager to engage and did so enthusiastically,” Mittal added.
Although analysts find Mittal's investment surprising due to his conglomerate's focus on India and Africa, it leverages his existing UK connections. Bharti Enterprises, which holds major stakes in satellite firm OneWeb and prestigious hotels like The Hoxton and Gleneagles, is also involved in the FTSE 100 through its African telecom business.
“It’s a sector he’s familiar with, and the company’s global reach outside of India aligns with his expertise,” noted a source familiar with Mittal’s perspective. “His confidence in the company is bolstered by long-standing familiarity.”
Mittal’s acquisition reflects the broader trend of increasing Indian corporate investment in the UK. India has become the second-largest source of foreign direct investment in Britain, with over 950 companies generating around $65 billion in revenue, up from 900 in 2022, according to the UK India Business Council.
These investments come as New Delhi and the new Labour government in London seek to revive stalled free trade talks. UK Foreign Secretary David Lammy visited India last month to resume negotiations, which had been paused due to elections in both countries. India aims to secure broader market access for its goods, including textiles, and to ease restrictions on Indian workers and students in the UK.
Mittal has skillfully handled previous British acquisitions, such as his 2021 deal to become the largest shareholder in OneWeb, rescuing the space-internet pioneer from bankruptcy. With BT, he will initially acquire 10% of Altice’s stake, with the remainder to be purchased pending regulatory approvals and voluntary UK security clearance.
Mittal splits his time between London and his other ventures, where his daughter Eiesha and son Shravin, who manages Bharti's international investments, are based. The 66-year-old billionaire, with a Forbes-estimated net worth of $16.8 billion, received an honorary knighthood from King Charles III earlier this year for his contributions to UK-India relations.
