The proposed Bharti-MTN deal is poised delicately at the moment with due diligence currently on. In an exclusive interview to CNBC-TV18, Bharti Enterprises’ Chairman, Sunil Mittal said the final deal is a work in progress, even as he pointed out that it is not a done deal yet. Mittal also added that the hospitality business fits in with the Bharti business model.

Oversees foray was an article of faith for the company, according to Mittal. “We virtually have no debt and are a debt-free company. We may be the only telecom company in the world which has virtually no debt on its balance sheet.”

Here is a verbatim transcript of the exclusive interview with Sunil Mittal on CNBC-TV18. Also watch the accompanying video.

Q: How does it look?

A: It’s still going on. We have a few more weeks to go before we get to a decision point. I would always hasten to add, it’s not done until it’s done.

We have to go abroad—that’s an article of faith for us, we need to go out.

This company is almost debt free. We virtually have no debt. We may be the only telecom company in the world which has virtually no debt on its balance sheet.

There is still a large bandwidth of senior management in the corporate office here, which needs to expand now. So what can it do? What do we understand well?—Telecom and a low cost business model. Is it ready to go abroad?—Absolutely yes and now crying to go out. It can make big changes outside.

We understand India well. Therefore we need to do more businesses in India—thus the Wal-Mart joint venture (JV), the AXA Insurance JV or the Del Monte food venture. So we are doing a mix of both in areas that we understand well. Telecom is for the world, other businesses are for India.

Service industry, customer facing, millions of customers not bulk in and bulk out, we won’t be good with that.

Q: Fit in?

A: Yes it fits in within the same parameter serving the customers.

Q: Would you like to go to Oberoi?

A: I would say Oberoi is a great chain and highly respected. But we have not looks at hotels in our scheme of things. However, it is within the framework of what we would like to do. It is an opportunity that existed.