Indian Billionaire’s Company Raises Share in Airtel by $115 Million to Compete with Adenuga, Others
- An Indian Billionaire has increased his stake in Airtel Africa by 15.1% via his company
- Sunil Mittal increased his hold on the telecom company via Barti Overseas Pvt Limited, linked to him
- Mittal’s $115 million investment into the company takes his stakes to about 94 million shares
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To consolidate its presence in the telecom company, Bharti Overseas Pvt Limited, linked to telecom mogul and billionaire Sunil Mittal, has boosted its position in Airtel Africa by increasing its voting rights to 15.1%.
The deal done via its subsidiary, Indian Continent Limited, follows the acquisition of 94,593,705 shares worth 90.85 million on December 12, 2023, one month after the company increased its voting rights to 1.58%.
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Sunil ranks among India's wealthiest
Barti Overseas’ move to accelerate its stake in Airtel Africa highlights its commitment to strengthening ties with the leading telecom provider on the continent and positioning Milttal’s interests within the telecom industry.
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The latest deal gives Barti Global a commanding share of a 3.38% stake in Airtel Africa. Also, Indian Continent Investment Limited has shored up its voting rights to 11.72$, contributing to the growing influence of entities linked to Mittal.
Mittal, who is the Chairman of Bharti Airtel, has solidified his position as one of the world’s most prosperous persons, with a net worth of $15.4 billion, ranked 126th in the world, among the 500 wealthiest persons, per Bloomberg Billionaire Index.
According to reports, the Indian billionaire gets his wealth from his 28% share in Bharti Aitel, which operates in 17 countries and has over 490 million subscribers, and has a revenue of $17.3 billion as of March 30, 2023.
Airtel operates in 14 countries in Africa
Airtel Africa operates in 14 African countries, serving 140 million customers, while Bharti Airtel ranks as the world’s third-largest mobile telecom service subscribers by numbers.
The company trails Vodacom and MTN Group as the largest telecommunication companies in Africa.
Bartel Africa is a leading shareholder in Airtel Africa, which Singapore oversees.
The leading shareholder in Airtel Africa Plc remains Bharti Airtel Limited, a company primarily overseen by Singapore Telecommunications Limited, boasting a 56-percent stake. With its present 15.1-percent stake, Bharti Overseas Pvt Limited further solidifies its significant standing within the company’s shareholder framework.
“We Have Taken Over” MTN moves to buy stake in competitor after declaring N147bn in profit
Legit.ng reported that MTN Nigeria is eyeing stakes in its competitor, 9mobile. The Nigerian telecommunication giant plans to acquire 9mobile’s operating spectrum.
The option to sell its spectrum became necessary after 9mobile firm fell on hard times upon the exit of its key technical partner and investors, Mubadala of United Arab Emirates (UAE) in 2017, according to a Technology Times report.
A source from MTN told Punch that there are ongoing conversations for the acquisition of 9mobile’s operating spectrum.
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Source: Legit.ng
