The Indian tech and telecoms giant said it would buy 9.99% immediately, with the remainder subject to regulatory approval.
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Sunil Bharti Mittal, chairperson of Bharti Enterprises said: “Bharti and BT have an enduring relationship going back more than two decades, wherein BT owned a 21% stake along with two board seats in Bharti Airtel Limited from 1997-2001. Today marks a significant milestone in Bharti Group’s history as we invest in BT, an iconic British company.”
“This investment in BT aims to support the commitment of our honourable prime minister towards his vision in elevating and broadening the India-UK ties. Bharti’s own record of owning and operating telecom and broadband networks around the world is underpinned by placing customers, digital innovation and operational efficiency at the heart of its business,” he added.
Bharti says it hopes the investment will create new synergies in the telecom sector between the UK and India in the areas of AI, 5G research and development and core engineering.
Allison Kirkby, chief executive of BT said: “We welcome investors who recognise the long-term value of our business, and this scale of investment from Bharti Global is a great vote of confidence in the future of BT Group and our strategy.
BT has enjoyed a long association with Bharti Enterprises, and I’m pleased that they share our ambition and vision for the future of our business. They have a strong track record of success in the sector, and I look forward to ongoing and positive engagement with them in the months and years to come."
The announcement comes off of the back of the UK-India Technology Security Initiative, which was announced during the UK’s foreign secretary David Lammy’s recent visit to India.
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