Decades after BT offloaded its stake in Sunil Bharti Mittal’s conglomerate, the Indian billionaire kept up calls with executives at the UK telecoms group.
Then another billionaire’s financial troubles gave Mittal a chance to reconnect with the former UK telephone monopoly.
Patrick Drahi’s indebted group Altice and BT’s largest investor wanted to sell its 24.5 per cent stake. Mittal on Monday agreed to take the entire holding, valued at ￡3.2bn at Friday’s closing price, in what is the Indian tycoon’s most significant investment on British soil to date and a historical turnabout.
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