Shares of BT Group (LSE:BT.A) fell more than 3% on Monday after the company announced the appointments of Sunil Bharti Mittal, founder and chairman of Bharti Enterprises, and Gopal Vittal, vice chairman and managing director of Bharti Airtel Ltd., to its board as non-independent, non-executive directors.
The new board roles take effect immediately and follow a relationship agreement between BT Group and Bharti Global Ltd., the international investment arm of Bharti Enterprises.
Under the terms of the agreement, Bharti Global has the right to nominate two directors if it and its affiliates maintain at least a 20% economic stake in BT. This entitlement drops to one nomination if the holding falls below 20% but remains above 10%.
Mittal is the founder of Bharti Enterprises, whose flagship Airtel brand operates in 15 countries across India and Africa, serving over 500 million customers. He also serves as co-chairman of satellite operator Eutelsat Group and chairs Airtel Africa Plc.
Vittal has been at the helm of Airtel for over ten years, guiding the company’s market share from 30% to more than 40% and increasing its market capitalization fivefold to $120 billion. He previously worked at Hindustan Unilever and currently chairs the GSMA, the global mobile industry association.
Bharti Global has invested in several UK ventures, including supporting satellite operator OneWeb before its merger with Eutelsat in 2023. The group also owns hospitality properties such as The Hoxton hotels and Scotland’s Gleneagles resort.
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