Bharti Enterprises Seeks to Increase Stake in BT

Indian conglomerate Bharti Enterprises, led by billionaire founder Sunil Bharti Mittal, is seeking to potentially increase its stake in British telecoms group BT to just under the threshold that would require a full takeover offer, according to three people familiar with the matter. The group aims to secure UK government approval to increase its stake in the London-listed company, which could be as high as 29.9% to gain greater economic exposure to BT.

Bharti Enterprises acquired a 24.5% shareholding in BT in 2024 from Altice's Patrick Drahi, making it a key strategic shareholder in the company. At the time of the acquisition, Bharti said it was supportive of BT's executive team and its ambitious transformation programme to deliver long-term sustainable growth. Since then, BT shares have risen 55%, according to LSEG data.

Any move by Bharti to increase its stake beyond 25% would have to be reviewed by the government under the National Security and Investment Act, which gives the government greater say over deals where national interests might be involved. The group currently holds a 24.95% shareholding in BT, which is held by Bharti Televentures, according to LSEG data.

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Bharti Enterprises has stated that it is pleased with its current shareholding and has no plans to increase its stake, according to a company spokesman. The UK government's Cabinet Office declined to comment on the matter, while BT referred questions to the UK government and Bharti Enterprises.

Bharti Enterprises has a significant presence in the telecoms industry, with its Bharti Airtel brand operating in 17 countries across South Asia and Africa. In September 2024, Sunil Bharti Mittal and Gopal Vittal, Vice Chairman and Managing Director of Bharti Airtel, joined the BT board as non-independent non-executive directors.

Comparison of Bharti Enterprises' Current Stake and Potential Increase in BT

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Note: The potential increase in stake is subject to UK government approval and review under the National Security and Investment Act.