Aims at $10 billion revenue by 2010; to focus on other ventures
NEW DELHI: Unveiling the new brand identity of Bharti Enterprises, its Chairman and Group CEO Sunil Mittal on Monday said the business conglomerate was aiming at $10 billion revenue by 2010. Apart from further expanding its flagship company and leading mobile operator, Bharti Airtel, which now contributes over 80 per cent to the group’s revenue, the focus will be on its other ventures such as retail, agri-business and financial services.
“I want the non-telecom business to fetch at least 50 per cent of our revenues in a few years. We have already started our retail business in small store format in Punjab and Haryana, and soon medium format stores will also start operating. By mid-2009, big stores will come up. We hope to clock fastest Rs. 1,000 crore worth of sales for the group from our retail business,” Mr. Mittal said at a press conference. Bharti Enterprises current revenue stands at over Rs. 30,000 crore.
About plans to acquire any foreign telecom company after failed bid regarding South Africa’s MTN, Mr. Mittal said: “Though we have plans for overseas acquisitions, there are no immediate targets.” The group would also consider entry into the infrastructure sector.
Urging the Government to actively provide support to the telecom sector and cut levies, Mr. Mittal said the telecom companies were going to remote places and building telecom infrastructure. “It is a miracle that despite steep rise in input costs over the years, telecom tariffs have actually come down. It has happened due to high volumes. But in the next three to four years, things will change when new subscriptions will slow down,” he pointed out.
Mr. Mittal also said that Airtel would start its operations in Sri Lanka in December this year. “We will roll out the services next month as all formalities are done and issues relating to inter-connectivity have been sorted out,” he added. Bharti Airtel has been facing problem for getting interconnection from the local operators in the island country. Stating that the new brand identity and logo reflect Bharti’s strategic intent to create a conglomerate of the future, Mr. Mittal said: “Having diversified into new businesses in agriculture, financial services and retail business with world-class partners, we have laid the foundation for building a conglomerate of future. As Bharti enters its next phase of growth, we have a new vision to make Bharti, India’s finest conglomerate by 2020. Our new brand identity and brand logo reflect this philosophy.”