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Indian billionaire Mittal considering lifting stake in BT - report
(Sharecast News) - Indian billionaire Sunil Bharti Mittal has reportedly indicated that he is considering increasing his holding in BT Group after taking a 24.5% stake in the telecoms firm last year. The Financial Times cited people familiar with the matter as saying that Mittal, who bought the BT stake from Patrick Drahi's Altice in August last year, has privately suggested that he could expand his position in the company - held via his Bharti Enterprises conglomerate - as it continues to restructure and cut costs under chief executive Allison Kirkby.
It was understood that Mittal is in the process of converting his 24.5% stake, which was partly taken via derivatives contracts, into equity.
Mittal took an initial 10% holding last year, which is being increased to 24.5% after securing national security approvals in December.
The FT said New Street Research analyst James Ratzer estimates that Mittal has converted about 16% of his stake in total into equity. Sources said that Mittal would not look to increase his BT holding until that process was finished.
A spokesperson for Bharti told the FT the company "currently has no plans to buy any further stake above the 24.5%".
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