The British government is set to oppose any move by Bharti Enterprises Chairman Sunil Bharti Mittal to raise his ownership in telecom group BT. Concerns revolve around safeguarding control over critical national infrastructure. Reports suggest the UK government will resist Mittal’s attempt to expand his stake in the British telecom operator beyond current levels.
A spokesperson for Mittal chose not to comment on the matter, as did BT. Recent speculations indicated Bharti Enterprises was contemplating boosting its stake in BT just below the threshold that would necessitate a mandatory takeover offer. Currently, Bharti holds a 24.95 per cent stake in BT.
While a Bharti spokesperson mentioned contentment with the existing shareholding, there are no immediate plans to further increase the stake. Last year, Sunil Bharti Mittal and Gopal Vittal from Bharti Airtel joined the BT board as non-independent non-executive directors. Mittal has expressed a long-term vision of transitioning leadership to the next generation and aiming for Bharti Telecom to eventually regain majority control.
Shares of Bharti Airtel closed unchanged at Rs 1,851.25 apiece on the BSE on Wednesday.
