EXCLUSIVE-Bharti group seeks UK support to raise BT stake, sources say

* Bharti seeks UK approval to raise BT stake to under 30%, ​sources say

* Bharti ⁠spokesman says no current plans to increase stake beyond ​24.95%

* Any stake above 25% triggers UK review under National Security and Investment Act

LONDON, May 21 (Reuters) - Indian conglomerate Bharti Enterprises is seeking ​to ‌potentially increase its stake in BT to just under the threshold that would require it to make a full takeover offer for the ⁠British telecoms group, three people familiar with the matter said.

Led by ⁠billionaire founder, Sunil Bharti Mittal, the group is ​looking to secure UK government approval required for it to be able to increase its stake in the London-listed company, the people said, speaking on condition of anonymity because the matter is private.

It could increase its stake to as much as ​29.9% to ‌gain greater economic exposure to BT but does not plan to pursue a full takeover, one of the people said.

A Bharti spokesman said the company is pleased with its current 24.95% shareholding and "currently has no plans to increase its stake." The UK government's Cabinet Office declined to comment. BT referred questions to the UK government and Bharti. Any move by Bharti ​to increase its stake beyond 25% would have to be reviewed by the government under the National Security and Investment ‌Act, which gives the government greater say over deals where national interests might be involved. The group first bought a stake in BT in 2024 by acquiring a 24.5% ‌shareholding from Altice's Patrick Drahi, making it a key strategic shareholder in the company. Bharti said at that time it was supportive of BT's executive team and its "ambitious" transformation programme to deliver long-term sustainable growth. BT shares have risen 55% since its ​acquisition of the stake, according to LSEG data. The stake is held by Bharti Televentures, according to LSEG data.

BHARTI HAS NO PLANS TO ‌BID FOR ALL OF BT

Bharti, which owns the Bharti Airtel brand operating in 17 countries across South Asia and Africa, said at the time of that acquisition that it did not intend to bid for all of BT, the former state ⁠monopoly which ⁠is Britain's biggest broadband and mobile company. In September Mittal, founder and chairman of ‌Bharti Enterprises, and Gopal Vittal, Vice Chairman and Managing Director of Bharti Airtel, joined the BT board as non-independent non-executive directors.

The UK approved the purchase ​in London-listed BT at the ​end of 2024 after a detailed national security assessment and assurances from the telecoms company. ‌BT established a national security committee to oversee "strategic work that it performs which has an impact on or is in respect of the national security" of the country, the UK government said at the time.

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