Sunil Bharti Mittal, an Indian billionaire entrepreneur, is indeed a significant figure in the telecommunications industry and the mastermind behind Bharti Airtel, commonly known as Airtel. Having been one of the first Indian entrepreneurs to identify a major growth area in the mobile telecom business, Airtel expanded internationally under his guidance and became one of the largest telecommunications companies in the world with operations in multiple countries across Asia and Africa, serving millions of customers.
Apart from Airtel, Mittal has also ventured into other sectors, Mittal also owns Airtel Payments Bank, a niche bank, in a joint venture with Kotak Mahindra Bank, controlled by fellow billionaire Uday Kotak. Let’s explore the life of this billionaire, whose trailblazing accomplishments have transformed the telecom landscape and continue to inspire countless aspiring entrepreneurs worldwide.
Talk about his stake in Africa
Airtel Africa, a prominent telecommunications and mobile money services provider in Africa, holds significant importance in Sunil Bharti Mittal’s portfolio. In 2010, Airtel Africa was established after Bharti Airtel acquired Zain. Within Airtel Africa, Airtel Nigeria stands out as the most profitable subsidiary.
Recently, Airtel Africa made headlines with its buyback program, as stated in the group’s official statement. Under this initiative, Airtel Africa acquired minority shareholdings, amounting to 8.22 percent, for a total consideration of N61 billion or $147 million. As a result, Airtel Africa now holds an extensive ownership interest of 99.96 percent in its largest subsidiary.
Few weeks ago, the Chairman of Bharti Airtel, already injected approximately $4 billion into the country, since its inception and will continue to invest around $400 million annually. Thus far, the company’s total investments in Nigeria stand just below the $4 billion mark, underscoring their enduring commitment to the Nigerian economy.
His stake in Airtel and how much they made in the last fiscal year
Airtel’s revenue in the nine months leading up to December 2022 witnessed significant growth. The company reported a 12.1 percent increase in revenue, reaching $3.9 billion compared to the same period in 2021. This growth can be attributed to the improvement in mobile services income in key regions such as Nigeria, East Africa, and Francophone Africa, which served as the main drivers of growth for Airtel.
Among the various segments, Airtel’s mobile services revenue experienced the highest growth, jumping by 15.9 percent. Notably, the Nigerian operation recorded the most substantial growth within this segment, with revenue increasing by 20.9 percent.
Additionally, voice revenue advanced at a rate of 12.7 percent, while data revenue saw an impressive growth of 22.3 percent, as stated in Airtel’s unaudited earnings report.
Airtel’s mobile money business also contributed significantly to its revenue growth, expanding by 29.8 percent. This growth was supported by a substantial increase of about one-third in East Africa and a 21.7 percent increase in Francophone Africa. Expenses rose by 11.7 percent, amounting to $2 billion.
His leadership philosophy
Sunil Mittal, the billionaire entrepreneur, offers valuable advice to millennials and young entrepreneurs. He emphasizes the importance of not losing hope and continuously pursuing one’s dreams, even in the face of setbacks.
Mittal believes that hard work is essential and that success cannot be achieved by simply hoping for it. He encourages individuals to engage in activities they enjoy the most, emphasizing the significance of finding fulfillment in their pursuits.
Mittal also shares his own journey, highlighting his evolution from a struggling entrepreneur in his 20s to a more successful one today. He expresses gratitude for the opportunities he found in India to create his enterprise.
He said ‘’I was always a struggling entrepreneur to now a better and more successful entrepreneur. I was neither a trained doctor nor a lawyer or even a trained engineer. I had to find my own way to get to my dream, which was to create an enterprise. I am glad that I got this opportunity in our country.”
The biggest lesson to learn from the billionaire
Sunil Mittal, imparts valuable lessons such as perseverance in the face of obstacles, strategic timing, sacrifice for success, and the importance of a strong support network. Mittal’s journey teaches us to never give up, remain patient, and seize opportunities when others falter.
He emphasizes the need to prioritize and make sacrifices for long-term goals while cherishing a support network, exemplified by his family. Mittal’s wisdom inspires us to persist in the face of adversity, embrace patience, and foster a healthy work-life balance. These principles have been instrumental in his remarkable achievements with Airtel Africa.
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