The Hindu Business Line : Mittals open to diluting stake in Bharti Tele

IN a bid to fund new projects, the Mittals are open to diluting their stake in telecom company Bharti Tele-ventures Ltd even as they remain single largest shareholder with full management control. Currently, the promoters hold 46.4 per cent of the company through holding company Bharti Enterprises.

Mr Sunil Bharti Mittal, Chairman and Managing Director of the Bharti group, said: "We are open to reducing the shareholding. We will need the capital for new projects like airport construction. But we will remain as the single largest shareholder in the company with full management control."

Mr Mittal said that 46.4 per cent in Bharti was a very large stake for anybody to hold.

"So, over a period of time, whenever we need investment for any project, we will think about offloading the stake."

Mr Mittal had recently offloaded his personal stake in the company for an estimated Rs 60 crore.

Bharti along with the Singapore-based Changi Airport is one of the bidders for taking over the management of Delhi airport.

Mr Mittal said that if the company wins the bid for the Delhi airport, it would look at smaller airports as well.

"We have made a plan that would make the Delhi airport one of the finest in the world. If we get the project then we could look at bidding for other airports," said Mr Mittal while speaking to newspersons after launching Airtel services in Guwahati recently. Apart from airports, Bharti is moving into the agri-business sector through an alliance with Rothschild.

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