Bharti Airtel seeks bigger stakes in Airtel Africa and BT Group

Bharti Airtel is betting that its next phase of expansion will be written outside India. The company is seeking shareholder approval to lift its stake in Airtel Africa to 79% from about 62.7% in a cashless share-swap valued at 282.22 billion rupees, or about $2.9 billion, while also raising its holding in BT Group to just under 30% from 24.95%.

The move is not a bid for outright control of BT, but it would give Bharti a larger economic stake in a company that sits at the center of Britain’s telecom market. Bharti first bought 24.5% of BT in 2024 for nearly $4 billion, and BT shares have risen about 55% since then. Bharti’s latest proposal suggests it wants influence, not a takeover battle, even as the U.K. government keeps a close watch on foreign telecom ownership under the National Security and Investment Act.

Africa is the more obvious growth engine. Bharti said the region already accounts for more than a quarter of its consolidated revenue for the financial year ended March 2026, underscoring how important the business has become to the group’s earnings mix. Airtel Africa operates in 14 sub-Saharan markets, where mobile data and mobile money remain underpenetrated compared with more mature telecom markets. Its FY2026 revenue reached $6.42 billion and profit came in at $813 million, with revenue up 29.5% in reported currency and 24.0% in constant currency.

The timing is telling. Airtel Africa has also said it plans to list its Airtel Money business in the second half of 2026, after previously targeting the first half. That unit is already central to customer activity, handling bills, microloans, purchases and transfers, and Bharti appears to be positioning itself ahead of a potential re-rating of the asset. A larger ownership stake would let the parent capture more of that upside if the listing opens the door to a higher valuation.

The broader pattern goes beyond one company. Indian conglomerates have been looking outward as domestic competition, regulation and market maturity make the home field less compelling as a sole growth story. That contrast is visible in the markets themselves: over the past year, the FTSE 100 has climbed nearly 19%, while the Nifty 50 has fallen more than 4%.

For Bharti, the Africa and U.K. moves look like both a growth play and a hedge. They spread earnings across faster-growing and more mature markets, deepen exposure to cash-generating assets, and signal that India Inc. is no longer content to scale only at home.