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Bharti eyes acquisitions in overseas markets
By siliconindia
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Monday, 10 May 2004, 19:30 IST
JAIPUR: Having set its foot across the nation, telecom major Bharti group on Sunday indicated that it would look for acquiring companies in overseas markets like East Asia, Middle East and Africa.
Bharti group chairman and managing director Sunil Mittal told newspersons the company would concentrate on at least one more buy-out within India this year.
"Once that is done, we intend to look for overseas opportunities", he said.
While he did not go into details, it is understood that the company will leverage its experience in mobile services to undertake similar forays in the growing markets. Going to Europe and US is not feasible, but markets like Africa represent a good opportunity, Mittal said.
Asked about the company's plans to list overseas and go for ADR issue, Mittal said Bharti is waiting for Government approval for its planned ADR issue. Bharti plans to raise up to Rs 3000 crore through this issue by offering up to 10 per cent of equity (diluted).
"All formalities are over. As and when we get the green signal we will go ahead", he said.
It is likely that the issue will take-off after a new Government is in place at the Centre.
On the domestic front, Mittal said that mergers and acquisition would happen in the telecom industry. "I feel at the end, there would be four or five big players offering telecom services", he said
Smaller, region-based cellular players would be bought over by big telecom players, he added.