Bharti to invest $13 billion in five years
Bharti Group offers mobile telecom services under Airtel brand and is the largest private telecom operator in the country.india Updated: Jun 20, 2006 14:51 IST
Bharti group on Tuesday announced a whopping $13 billion investment for the next five years of which at least 70 per cent would go into expansion of domestic telecom operations and rest in new businesses like agriculture, insurance, retail and international acquisitions.
Projecting a turnover of $10 billion (between Rs 45,000-Rs 50,000 crore) by 2010-11, Sunil Mittal, Chairman and Managing Director of Bharti Group, said.
"From the $10 billion turnover, at least $7 billion will come from our telecom business," he said.
Bharti Group offers mobile telecom services under Airtel brand and is the largest private telecom operator in the country with a market share of nearly 25 per cent.
On the international acquisition plans, Mittal said the Bharti group is looking for opportunities in the neighbouring countries, Africa and SAARC nations. "Our idea is that we can do acquisition of up to $3 billion," he said.
However, he pointed out that the market was in correction mode. "Last week itself there was a correction of 15 to 20 per cent. We are in a bit of bind. We are saying step back and our time (for international acquisition) will come when the world market corrects... As it corrects and comes to a sensible level, we shall make a move there."
On the domestic front, he said the telecom business was growing at a huge pace. "Proposed investments in telecom are already announced. We shall be investing $1.5 to 2 billion (up to Rs 10,000 crore) each year in India more or less on a continuous basis for the next 5 years," he said.