Mittal's Africa call finally connecting

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Mittal's Africa call finally connecting

Persistence is paying off for Sunil Bharti Mittal, the chairman of Bharti Airtel. The billionaire founder of Bharti is finally close to realising his dreams of building a major presence in Africa with a deal to pay USD 9 billion for Kuwaiti group Zain's assets in 15 African countries.

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Persistence is paying off for Sunil Bharti Mittal, the chairman of Bharti Airtel . The billionaire founder of Bharti is finally close to realising his dreams of building a major presence in Africa with a deal to pay USD 9 billion for Kuwaiti group Zain's assets in 15 African countries.

The two companies said due diligence is complete and that final agreements will be signed soon.

Bharti's deal with Zain is Plan B for Mittal after two failed attempts to tie-up with South Africa's MTN Group, most recently through a complex USD 24 billion merger that failed late last year after several extensions.

"It's my job to move forward and not look back," Mittal told reporters in Geneva in October, soon after ending talks with MTN. "We will keep on looking at opportunities and will look at all the emerging markets."

Mittal did not spend time licking his wounds, announcing the Zain negotiations on February 15.

The soft-spoken Mittal has come a long way from selling bicycle parts to creating India's top mobile firm, ranking 8th on Forbes list of Indian billionaires, with a net worth of USD 8.2 billion.

He has been aggressively hunting for emerging market buys as Bharti's home market becomes increasingly competitive. The Zain deal is a hedge against declining margins at home.

"He knows if he didn't do it this time, he would struggle for growth in India," said Bundeep Singh Rangar, chairman of cross-border M&A advisory IndusView Advisors.