No intention of a takeover; not asked for board seats: Mittal

Telecom major Bharti Enterprises' aim to move into more developed 'hard currency' markets prompted its strategic stake buy in the UK's BT group and it does not aim to seek a board position at the moment despite being the largest investor in the British telco, chairperson SUNIL BHARTI MITTAL said on Monday during a virtual media briefing. Mittal said while Airtel has its hands full with its India plans, higher cash flows and reduced capital expenditure two to three years later may open it up to global opportunities. Edited excerpts:

- SUNIL BHARTI MITTAL

On why Bharti acquired stake in BT group:
The growth in the UK market is much lower, in line with other developed economies. But BT's current revenue is large. If you look at Airtel's revenue and Ebitda, it's almost a mirror image. The investment was made at this time because BT has always maintained a strategy to raise its free cash flows. It is a leading mobile operator in the UK.

It is probably the only company which can cover 30 million homes in the UK with broadband, of which nearly 60 per cent is done. In the next two years, they will complete the rest.

On how the deal will be funded:
Barclays has been the single financial advisor for this transaction. They will provide some immediate cash. So there will be a mix of equity, and some financial support coming from Barclays.