UK will block Indian billionaire Mittal raising BT stake, FT reports
UK Government's Stance on BT Stake Increase
Government Concerns Over National Infrastructure
May 28 (Reuters) - The British government will oppose any attempt from Indian billionaire Sunil Bharti Mittal to increase his stake in telecoms group BT, citing the need to maintain sovereign control over "critical national infrastructure", the Financial Times reported on Thursday, citing people familiar with the matter.
Verification and Official Responses
Reuters could not immediately verify the report. BT, the UK government, and Bharti did not immediately respond to requests for comment.
Background on Bharti Enterprises and BT
Recent Developments in Stakeholding
Reuters exclusively reported last week that Bharti Enterprises was seeking to potentially increase its stake in BT to just under the threshold that would require it to make a full takeover offer for the British telecoms group.
Bharti's Current Position
A Bharti spokesman had said the company is pleased with its current 24.95% shareholding and "currently has no plans to increase its stake."
Leadership Involvement
In September, Mittal, founder and chairman of Bharti Enterprises, and Gopal Vittal, vice-chairman and managing director of Bharti Airtel, joined the BT board as non-independent non-executive directors.
Reporting Credits
(Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Subhranshu Sahu and Rashmi Aich)
