Do More With Reuters
Partner Services

UPDATE 1-India's Bharti says yet to find foreign telco target

Mon Nov 3, 2008 5:54pm IST
 
Email | Print | | Single Page
[-] Text [+]

NEW DELHI, Nov 3 (Reuters) - India's Bharti Enterprises, which controls the country's top phone firm Bharti Airtel (BRTI.BO: Quote, Profile, Research), is still open to acquiring foreign telecom assets but had no immediate target, its chairman said on Monday.

Sunil Mittal also said his group intended to reach $10 billion in annual revenue by 2010 from $6.2 billion at end-March 2008 and would like to cut its dependency on telecoms to about 50 percent in five years from 85 percent currently.

Bharti executives have earlier said the company was looking for a big international acquisition in the telecoms sector, especially in one of the developing economies.

"We remain in readiness. But I must confess that there has been no clear target identified yet," Mittal, also the group chief executive, told reporters, adding that valuations of telecom firms had eased around the globe.

Earlier this year, Bharti held talks with South Africa's MTN (MTNJ.J: Quote, Profile, Research) about a possible combination that would have created a global top 10 telecom firm, but no deal was reached.

Bharti Enterprises has a cash-and-carry joint-venture with world's top retailer Wal-Mart (WMT.N: Quote, Profile, Research) and insurance and asset management ventures with France's Axa (AXAF.PA: Quote, Profile, Research).

The group aims to reach annual revenue of $10 billion by 2010 for the group, from 300 billion rupees ($6.2 billion) at end-March 2008, he said.

Bharti-Wal-Mart's first cash-and carry store in India will open by March 2009, said the group's vice chairman, Rajan Mittal.

Bharti on its own has so far opened 12 neighbourhood stores in northern India and is planning to launch medium-format stores in December and large-format stores next year, he said. ($1=49.7 rupees) (Reporting by Devidutta Tripathy; Editing by John Mair/Mark Williams)

Construction workers work at a site as the sun sets in Chandigarh in this December 2006 file photo. REUTERS/Ajay Verma
Economy seen growing at 7.2 pct in FY10 - govt

The forecast reinforces the possibility that the government may start to unwind its fiscal stimulus in the budget.  Full Article 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives
Greece's Finance Minister Papaconstantinou addresses reporters during a news conference in Athens, January 20, 2010.
Eurozone agreed in principle to aid Greece

Euro zone countries have decided in principle to help debt-stricken Greece, a senior German ruling coalition source said.  Full Article 

FROM THE MARKETS

After the Bell
After the Bell

Reuters Money's Kshitij Anand updates you on the movers and shakers of the Indian stock market.  Blog 

SHOWCASE

"Claw Back" Pay
"Claw Back" Pay

Banks and regulators hope that threats to "claw back" pay if trades later blow up will rein in risk taking on Wall Street.  Full Article 

 
James Saft
Blaming Asperger's

COLUMN - Did Asperger's help cause the financial crisis?  Full Article 

 
Going Global
Going Global

With Volvo, Chinese eye M&A abroad to win at home.  Full Article 

 
Delivery Woes
Delivery Woes

Boeing 787 delivery schedule could slip - experts.  Full Article 

 
Central Banks Cautious
Central Banks Cautious

Reuters tracks the policies of the world's top central banks as the debate over global economic recovery rages on.   Full Coverage