Bharti seeks bigger BT stake, stops short of takeover threshold

Bharti Enterprises was pushing to lift its stake in BT Group plc to as much as 29.9%, aiming to deepen its grip on Britain’s former monopoly telecom operator without tripping the 30% line that would force a mandatory takeover bid under UK rules. The move placed Sunil Bharti Mittal’s group in a narrow and highly regulated space: enough ownership to shape strategy, but not enough to trigger a full offer, with its costs, scrutiny and political risk.

Bharti already owns 24.5% of BT, a holding it bought from Altice UK S.à r.l. in November 2024 for about £3.2 billion, or roughly $4 billion. The UK government cleared that purchase with a final order on 16 December 2024 after a national-security review, underscoring how sensitive telecom assets remain in Britain. Any stake increase above 25% would be reviewed under the National Security and Investment Act, so even a move that stays below the takeover threshold would still invite fresh government scrutiny.

The relationship between the two companies has already become more than financial. On 15 September 2025, Sunil Bharti Mittal and Bharti Airtel vice-chairman and managing director Gopal Vittal joined BT’s board as non-independent non-executive directors under a relationship agreement. That agreement gives Bharti the right to nominate two board members while it and affiliates hold at least a 20% economic interest in BT shares, giving the Indian conglomerate a direct voice in a company central to UK communications infrastructure. BT described FY25 as a year of strong progress in its next-generation network build, which helps explain why the asset remains strategically valuable.

The calculation reflects the line Bharti is trying to walk. Under UK takeover rules, a mandatory bid is generally triggered at 30% of voting rights, a standard administered through the country’s takeover regime. By seeking approval for a stake of up to 29.9%, Bharti can increase its economic exposure, preserve flexibility for the future and avoid the financial burden of a full bid. The wider pattern is clear: Bharti is also moving to deepen control of Airtel Africa. On 22 May 2026, Bharti Airtel sought approval to raise its stake in Airtel Africa to 79% from about 62.7% in a cashless share-swap transaction worth 282.22 billion rupees, or $2.9 billion. Together, the moves show a group building influence over overseas telecom assets while staying just inside the regulatory lines that separate strategic investment from de facto control.