Ministers have given the all-clear for an Indian billionaire to buy nearly a quarter of BT.
Sunil Bharti Mittal’s conglomerate Bharti Enterprises agreed to buy the 24.5 per cent stake that was held by embattled French tycoon Patrick Drahi in August.
The Government has approved the plan after a detailed national security assessment and assurances from the telecoms group.
BT will establish a national security committee within the company to oversee ‘strategic work that it performs which has an impact on or is in respect of the national security’ of the country, a Government spokesman said.
The Government said the proposed measure would mitigate the risk to national security given BT’s role in supporting state initiatives in the telecommunications sector and in ensuring the country’s cyber-security.
Bharti said in August it had no intention of making an offer to buy the whole company.
Approved: Indian billionaire Sunil Bharti Mittal (pictured) has agreed to buy a 24.5% stake in BT through his conglomerate Bharti Enterprises
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Saxo
Saxo
Get £200 back in trading fees
Trading 212
Trading 212
Free dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
Compare the best investing account for you
***
Read more at DailyMail.co.uk