The UK’s largest provider of mobile and broadband services, British Telecom Group Plc, will see a 24.5% share purchased by Bharati Enterprises, owned by billionaire Sunil Bharti Mittal. The telecom services operator Altice UK, which owns a 24.5% share in BT, will sell the equity to Bharti Televentures UK Ltd, a wholly owned subsidiary of Bharti Enterprises’ foreign investment arm, Bharti Global.
Bharati Televentures To Buy Stakes Of BT
9.99% of BT will be purchased by Bharti Televentures straight away from Altice, with the remaining 14.51% to be acquired after regulatory clearances. The deal’s precise value was kept a secret by the firms. Bharti Enterprises confirmed that the funds have nothing to do with Bharti Airtel Limited or any of its subsidiaries. Based on the most recent closing price on the London Stock Exchange, Altice’s 24.5% ownership in BT was valued at approximately £3.2 billion.
India- France Relationship due to BT Investment
The French-Israeli billionaire Patrick Drahi, who also controls Sotheby’s auction house, is the owner of Altice. With this BT investment, the ambition of France’s prime minister of strengthening and expanding India-UK relations will continue. Placing customers, digital innovation, and operational efficiency at the core of its business has allowed Bharti to build a track record of owning and running telecom and broadband networks throughout the world. It is anticipated that India and the UK would shortly wrap up their discussions for a free trade agreement (FTA).
Bilateral Investment Treaty
Before both countries’ general elections in 2022, 14 rounds of negotiations took place. The talks started in January 2022. A bilateral investment treaty is also being negotiated by the two countries. During his recent visit to India, UK Foreign Secretary Rt Hon David Lammy unveiled the UK-India Technology Security Initiative, stating that it would help extend collaboration in essential and emerging technologies across important industries, including telecom.
