The British government will oppose any attempt from Indian billionaire Sunil Bharti Mittal to increase his stake in telecoms group BT (BT.L), citing the need to maintain sovereign control over “critical national infrastructure”, the Financial Times reported on Thursday, citing people familiar with the matter.
Reuters could not immediately verify the report. BT, the UK government, and Bharti did not immediately respond to requests for comment.
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.
A Bharti spokesman had said the company is pleased with its current 24.95% shareholding and “currently has no plans to increase its stake.”
In September, Sunil Mittal, founder and chairman of Bharti Enterprises, and Gopal Vittal, vice-chairman and managing director of Bharti Airtel (BRTI.NS), opens new tab, joined the BT board as non-independent non-executive directors.