Shares have dipped in BT after it said Indian billionaire Sunil Bharti Mittal and one his close executives will join the board of the UK telecoms giant.
The company’s shares fell by around 3% in early trading as shareholders took the move as a signal that Mr Mittal will increase his influence on the direction of the firm.
On Monday, BT confirmed that the founder of Indian conglomerate Bharti Enterprises will become a non-executive director of BT and join the firm’s nominations committee.
It said Gopal Vittal, vice chairman and managing director of Bharti Airtel, will also join the BT board as a non-executive director.
BT said the appointments are part of a “relationship agreement” between the company and Bharti Global.
It means the group will be able to hold two roles on BT’s board while it holds a stake of at least 20% in the business.
This would reduce to one seat on the board if the stake falls to between 10% and 20%.
It comes after Mr Mittal’s Bharti vehicle bought a 24.5% stake in BT from French media and telecoms tycoon Patrick Drahi last year.
BT chairman Adam Crozier said: “We’re delighted to welcome Sunil and Gopal to the board of BT.
“They bring significant experience and global perspectives in the telecoms industry, and we look forward to their contribution to the board and to the future success of BT Group.”
Mr Mittal said: “I am delighted to be joining the board of BT, an iconic company delivering critical infrastructure and services for the UK.
“I look forward to working with chairman Adam Crozier, the board and chief executive Allison Kirkby to drive forward the strategy to win in the market and deliver world-leading services for BT’s customers.”
