Mittal considers expanding his stake in BT group

Indian billionaire Sunil Bharti Mittal is thinking about increasing his investment in BT, a UK telecom company. Last year, he acquired a 24.5% stake in BT, purchasing it from Altice's Patrick Drahi. Mittal’s investment approach is being seen as long-term as he supports BT's restructuring efforts, led by CEO Allison Kirkby. He is moving his investment partly held through derivatives contracts into actual equity. Currently, analysts believe he has converted about 16% of his total stake into equity. A representative for Bharti stated that there are no plans to buy more than the 24.5% stake that has already been announced. BT has not commented on the matter. If Mittal decides to increase his stake above 30%, UK regulations would require him to make a full offer for the company. Mittal has been actively involved with BT's management, discussing strategies and business operations. His involvement marks a shift from the previous approach taken by Drahi. Kirkby has laid out plans to save £3 billion and reduce BT's workforce significantly by 2030, with ongoing progress reported on these initiatives. Since Kirkby took charge in February 2024, BT's share price has increased by over 50%, reflecting investor confidence.