Bharti eyes overseas acquisition next year

Having set its foot across the nation, telecom major Bharti Group yesterday indicated that it would look for acquiring companies in overseas markets like East Asia, Middle East and Africa.

Sunil Mittal, chairman and managing director of Bharti, told the media here that 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.

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 growth markets like Africa pose 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 the Government's 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 the 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. Smaller, region-based cellular players would be bought over by big telecom players," he said.