NEW DELHI: The Bharti group on Tuesday announced a whopping $13 billion investment for the next five years, of which at least 70 per cent would go into expansion of domestic telecom operations and the balance in new businesses like agriculture, insurance, retail and international acquisitions.

Projecting a turnover of $10 billion (between Rs. 45,000 crore and Rs. 50,000 crore) by 2010-11, Sunil Mittal, Chairman and Managing Director of the Bharti group, said in an interaction with PTI that at least $7 billion of this would come from the telecom business.

On the international acquisition plans, Mr. Mittal said the group was looking for opportunities in the neighbouring countries, Africa and SAARC nations. "Our idea is that we can do acquisition of up to $3 billion, whether it is new or in the existing companies,'' Mr. Mittal said.

On the domestic front, he said the telecom business was growing at a huge pace.

"The proposed investments in telecom are already announced. We shall be investing $1.5-2 billion (up to Rs. 10,000 crore) each year in India more or less on a continuous basis for the next next five years,'' he said.

On the sources for funding, Mr. Mittal said the money for telecom businesses had been fully tied up.

In fact, Bharti Airtel generated $1 billion EBIDTA (earnings before interest, depreciation, taxation and amortization) last year and going by the investment plans, it was absolutely in line with company's performance, he said.

Asked whether the company plans to dilute further stake in favour of foreign companies, he said as of now there was no such need and also no such plans. "Investments for telecom is fully tied up,'' the Chairman and Managing Director said.

According to available estimates, the company has a debt of Rs. 4,147 crore. The company operates in 23 circles with a pan-India footprint. While the average revenue per user for Bharti had dipped from Rs. 505 in March 2005 to Rs. 442 in March 2006, the total minutes of usage has increased steeply from 11,575 million minutes to 23,187 million minutes. — PTI

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