The UK government has indicated it will oppose any attempts by Indian billionaire Sunil Bharti Mittal to increase his stake in British telecommunications group BT. The stance is rooted in concerns over national security and maintaining sovereign control over what officials deem critical national infrastructure.
Bharti Enterprises, led by Mittal, initially acquired a 24.5% stake in BT in 2024 from French-Israeli billionaire Patrick Drahi and has since incrementally raised its holding to 24.95%. Any move to cross the 25% ownership threshold would necessitate government approval, which British officials have reportedly signaled they would block.
National Security Concerns Drive Opposition
A British government source informed the Financial Times that the opposition is not specifically directed at Bharti or India, but rather reflects a broader policy to keep vital national infrastructure under UK control. The official emphasized that the threshold for resilience and sovereign capability has evolved significantly in recent years.
Such an increase in stake would trigger a formal review under the UK's National Security and Investment Act. The government typically communicates its position to significant overseas investors in advance to prevent potential complications.
Mittal's Relationship with BT and Broader UK Investments
Since acquiring his initial stake, Sunil Bharti Mittal has reportedly cultivated a close working relationship with BT chief executive Allison Kirkby and secured two board seats last year. Sources familiar with BT board discussions suggest Mittal harbors significant ambitions for the company following his investment.
Mittal has a history of investment in the UK, including a partnership with the government in 2020 to take control of the satellite internet company OneWeb. His Airtel Africa group is also reportedly exploring a London listing for its mobile money business, following disruptions to its original plans for a Middle East float due to geopolitical events.