Sunil Mittal

Bharti Airtel chairman Sunil Mittal’s remuneration fell nearly five per cent in the financial year 2021-22 to Rs 15.39 crore on lower perquisite value, according to the telecom company’s annual report.

British satellite firm OneWeb is nearing a deal to combine with France’s Eutelsat Communications SA in a transaction that would create a pan-European operator that could better compete with Elon Musk’s Starlink project, according to people familiar with the matter. 

The comments from Mittal assume significance as the countdown for 5G spectrum auctions has begun.

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As per market capitalisation, Singtel will be able to generate close to Rs 7,500 crore on sale of its 2 per cent stake.

He was speaking during a session on 'advancing digital cooperation', moderated by Observer Research Foundation President Samir Saran, during the World Economic Forum Annual Meeting 2022.

As part of this partnership, Google intends to invest up to $1 billion, as part of its Google for India Digitization Fund, which includes equity investment as well as a corpus for potential commercial agreements, to be identified and agreed on mutually agreeable terms over the course of the next five years

Addressing the India Mobile Congress event, Mittal noted that a lot of litigations remain in the telecom sector and added that new cases must be avoided.

In his address, Mukesh Ambani said, "our industry can take legitimate pride in the fact that we have democratized the Mobile and Digital Revolution in India."

Currently the connectivity is accessible in all areas over 50 degrees on the atlas. “Latency is less than 50 milliseconds, and speeds are 100 Mbps or more. So it's looking like a final solution to connect those people who have been left behind. So I am very excited about this. I call it a telecom network in space," Mittal said.

Bharti Airtel Chairman Sunil Mittal had last month said the company will opt for payment moratorium and redirect the cashflow to aggressively build networks.

While speaking at the launch of space and satellite companies body Indian Space Association, Mittal said that the company plans to begin roll out of providing connectivity in the country through OneWeb satellite from mid-2022.

'For every Rs 100 of revenue, Rs 35 go in various forms of levies. We hope that as we step up and do our part, the government will also favourably look at some of the genuine demands of the industry, enabling a multiplier effect and positive outcome,' Mittal said in an investor call on the company's fundraising plans.

The founder and chairman of Bharti Enterprises noted that the leverage was bothering investors and the company. He also remarked that 5G will become a reality in the second half of next year and that 'Bharti Airtel' bets on 5G.

The investor's call will be chaired by Bharti Airtel Chairman Sunil Bharti Mittal at 2:30-3:30 pm.

Mittal said that as the sector's role in the economy becomes more pervasive, its challenges loom larger.

The investment is a result of exercise of a 'Call Option' by Bharti. On completion of the transaction and with Eutelsat's $550 million investment, Bharti will hold 38.6 per cent.

The launch puts OneWeb on track to offer global services to customers from late 2021, starting with the United Kingdom, Alaska, Northern Europe, Greenland, Iceland, the Arctic Seas, and Canada, with global service in 2022.

Where tariffs are concerned, the company has already taken a clear stance on the issue. Mittal said that Airtel is of the firm view that tariffs need go up.

As per the code of conduct of the firm, a pre-clearance of trades was needed from the compliance officer since the number of shares involved in the trade exceeded 50,000 scrips, to be approved in consultation with the company's chairman.