Bharti Airtel Doubles Down on Africa and UK Bets
CNBC reported Thursday that India’s second-largest telecom operator, Bharti Airtel, is aggressively expanding abroad. The company is seeking shareholder approval to lift its holding in London-listed Airtel Africa and may increase its position in BT Group.
A $2.9 Billion Africa Commitment
The centrepiece of Bharti Airtel’s overseas investment push is a cashless share-swap transaction valued at roughly 282 billion rupees, or approximately $2.9 billion. The deal would lift Bharti’s stake in Airtel Africa from around 62.7% to 79%.
Bharti described Africa as a high-growth potential region. The continent already contributes more than a quarter of Bharti Airtel’s consolidated revenue for the fiscal year ending March 2026. The company also flagged a planned IPO of Airtel Mobile Commerce B.V., a key Airtel Africa subsidiary, as a potential near-term value catalyst.
Airtel Africa shares have climbed more than 78% over the past year, according to data from LSEG.
BT Stake May Approach 30%
Reuters separately reported that Bharti is also considering raising its stake in BT Group to just under 30%, up from roughly 24.95%. The move is framed as gaining further economic exposure rather than a precursor to any full acquisition. A Bharti spokesperson told Reuters the company currently has no plans to increase its BT holding. BT Group did not respond to CNBC’s request for comment before publication.
Bharti initially acquired a 24.5% stake in BT in 2024 for close to $4 billion. Since that purchase, BT shares have gained roughly 55%, making the position one of the company’s better-performing assets. Bharti Airtel’s own domestic shares, by contrast, are up only around 3.4% over the past year.
Background: Indian Corporates Look Abroad
The Bharti announcements sit within a broader trend of large Indian companies redirecting capital overseas. Morgan Stanley noted last month that outbound investment by Indian corporates reached $35.8 billion on a trailing 12-month basis through January 2026 — roughly 2.6 times the level recorded two years earlier.
Relative market performance helps explain the shift. The FTSE 100 has risen nearly 19% over the past year, while India’s benchmark Nifty 50 index has declined more than 4% over the same period. Bharti itself entered Africa in 2010 through a $10.7 billion acquisition of Zain’s regional telecom operations.
What Comes Next
Shareholders must still approve the Airtel Africa share-swap, and the BT stake increase remains speculative. Still, the dual moves signal that India’s third-largest company by market capitalisation sees more runway in its international assets than at home for now.
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