Sunil Mittal

Sunil Bharti Mittal
Sunil Bharti Mittal at the World Economic Forum in Davos, 2013
Born Sunil Bharti Mittal
(1957-10-23) 23 October 1957
Ludhiana, Punjab, India
Residence New Delhi, India
Nationality Indian
Alma mater Punjab University[1]
Occupation Founder & Chairman Bharti Enterprises
Net worth IncreaseUS$8.3 billion (April 2018)[2]
Spouse(s) Nyna Mittal[1]
Children Eiesha, Shravin, Kavin Bharti Mittal [1]
Parent(s) Sat Paul Mittal (father)
Relatives Sharan Pasricha (son-in-law)
Website
Notes

Sunil Bharti Mittal (born 23 October 1957) is an Indian Billionaire entrepreneur, philanthropist and the Founder & Chairman of Bharti Enterprises, which has diversified interests in telecom, insurance, real estate, education, malls, hospitality, agri and food besides other ventures. Bharti Airtel, the group's flagship company is one of the world's largest and India's largest telecom company with operations in 16 countries across Asia and Africa with a customer base of over 390 million.[4] Bharti Airtel clocked revenues of over USD 14.75 billion in FY2016. He is listed as the 8th Richest person in India by Forbes with a Net worth of $8.3 Billion.

In 2007, he was awarded the Padma Bhushan, India's third highest civilian honor.[5] On June 15, 2016, he was elected as Chairman of the International Chamber of Commerce.[6]

Early life

Sunil Bharti Mittal was born in Punjabi family. His father, Sat Paul Mittal, had been the Member of Parliament, Rajya Sabha (Indian National Congress) from Ludhiana, Punjab, he was elected from Punjab for two terms (1976 & 1982) and nominated to the Rajya Sabha once (1988). He first joined the Wynberg Allen School in Mussoorie,[7] but later attended Scindia School at Gwalior and he graduated in 1976 from Panjab University, Chandigarh, with a Bachelor of Arts and Science for which he studied in Arya College, Ludhiana.[8] His father died of cardiac arrest in 1992.[1]

Entrepreneurial ventures

A first-generation entrepreneur, Sunil started his first business in April 1976[9] at the age of 18, with a capital investment of ₹20,000 (US$280) borrowed from his father. His first business was to make crankshafts for local bicycle manufacturers.[10]

In 1980, he along with his brothers Rakesh Mittal and Rajan Mittal started an Import Enterprise named Bharti Overseas Trading Company.[7] He sold his bicycle parts and yarn factories and moved to Mumbai.[10] In 1981, he purchased importing licences from exporting companies in Punjab.[9] He then imported thousands of Suzuki Motors's portable electric-power generators from Japan. The importing of generators was suddenly banned by the then Indian Government.

In 1984, he started assembling push-button phones in India,[9] which he earlier used to import from a Taiwan company, Kingtel, replacing the old fashioned, bulky rotary phones that were in use in the country then. Bharti Telecom Limited (BTL) was incorporated and entered into a technical tie up with Siemens AG of Germany for manufacture of electronic push button phones. By the early 1990s, Sunil was making fax machines, cordless phones and other telecom gear. Sunil says, "In 1983, the government imposed a ban on the import of gensets. I was out of business overnight. Everything I was doing came to a screeching halt. I was in trouble. The question then was: what should I do next? Then, opportunity came calling. While in Taiwan, I noticed the popularity of the push-button phone -- something which India hadn't seen then. We were still using those rotary dials with no speed dials or redials. I sensed my chance and embraced the telecom business. I started marketing telephones, answering/fax machines under the brand name Beetel and the company picked up really fast.".[1] He named his first push-button phones as 'Mitbrau'.[7]

In 1992, he successfully bid for one of the four mobile phone network licences auctioned in India.[1] One of the conditions for the Delhi cellular license was that the bidder have some experience as a telecom operator. So, Mittal clinched a deal with the French telecom group Vivendi. He was one of the first Indian entrepreneurs to identify the mobile telecom business as a major growth area. His plans were finally approved by the Government in 1994[9] and he launched services in Delhi in 1995, when Bharti Cellular Limited (BCL) was formed to offer cellular services under the brand name AirTel. Within a few years Bharti became the first telecom company to cross the 2-million mobile subscriber mark. Bharti also brought down the STD/ISD cellular rates in India under brand name 'Indiaone'.[9]

In May 2008, it emerged that Sunil Bharti Mittal was exploring the possibility of buying the MTN Group, a South Africa-based telecommunications company with coverage in 21 countries in Africa and the Middle East. The Financial Times reported that Bharti was considering offering US$45 billion for a 100% stake in MTN, which would be the largest overseas acquisition ever by an Indian firm. However, both sides emphasize the tentative nature of the talks, while The Economist magazine noted, "If anything, Bharti would be marrying up," as MTN has more subscribers, higher revenues and broader geographic coverage.[11] However, the talks fell apart as MTN group tried to reverse the negotiations by making Bharti almost a subsidiary of the new company.[3] In May 2009, Bharti Airtel again confirmed that it was in talks with MTN and the companies agreed to discuss the potential transaction exclusively by 31 July 2009. Talks eventually ended without agreement, some sources stating that this was due to opposition from the South African government.[12]

In June 2010, Bharti led by Mittal acquired the African business of Zain Telecom for $10.7 billion (enterprise value) making it the largest ever acquisition by an Indian telecom firm.[13] In 2012, Bharti tied up with Wal-Mart, the US retail giant, to start a number of retail stores across India.[14] In 2014, Bharti planned to acquire Loop Mobile for INR 700 crores, but the deal was called off later.[15] His son Kavin Bharti Mittal is the CEO and founder of hike Messenger.[16]

In September 2010, Mittal’s son, Shravin Mittal, joined Bharti Airtel as a manager having worked for Merrill Lynch in New York and Ernst & Young in London.[17]

In 2012, Mittal took Bharti Infratel public with an initial IPO that raised $760 million. Mittal noted that the sale, considered by many to be only a modest success, was a “strong endorsement from qualified investors”.[18] The board was restructured ahead of the IPO with Mittal remaining as Chairman and Managing Director.[19] After the IPO, shares of Bharti Infratel dropped sharply at the commencement of trading.[20]

In 2013, Mittal was ordered to appear before a special Delhi court[20] to answer questions about the additional allocation of airwaves to certain companies. Allegations against Mittal state that there had been collusion with key telecoms officials in the government to illegally secure an extra spectrum. No charges were issued against Mittal, however the trial court judge noted that there was enough material on record to proceed.[21]

In late 2013, Mittal announced the acquisition of Warid Congo, making Bharti Airtel the largest telecoms provider in the Republic of Congo.[22]

In 2015, Sunil Mittal announced that he would be joining the board of Oneweb, a space internet company. Mittal was one of the investors in a $500 million investment round that included Coca-Cola, Virgin and Qualcomm.[23]

In 2016, Mittal made changes at Bharti Airtel to enable the company to compete against the launch of Reliance Jio Infocomm Ltd.[24][25][26] in the race to become India’s largest telecoms company.

In 2017, Mittal announced “war on roaming” by scrapping charges for outgoing and incoming calls within India as well as international roaming charges.[27][28]

Awards and recognition

  • Padma Bhushan, Government of India, 2007
  • Transforming India Leader, NDTV Business Leader Awards
  • GSM Association's Chairman's Award, 2008[29]
  • Asia Businessman of the Year, Fortune Magazine, 2006
  • Telecom Person of the Year, Voice & Data magazine (India), 2006
  • CEO of the year, Frost and Sullivan Asia Pacific ICT awards, 2006
  • CEO of the year, 2005–06, Business Standard[30]
  • Best Asian Telecom CEO, Telecom Asia Awards, 2005
  • Best C.E.O, India, Institutional Investor, 2005
  • Business Leader Of The Year, Economic Times, 2005
  • Philanthropist of the Year Award, The Asian Awards, 2010[31]
  • INSEAD Business Leader Award, 2011 [32]
  • Honoris Causa Doctorate of Sciences (D.Sc.) Degree, Amity University Gurgaon, 2016[33]
  • Honoris Causa Doctorate of Sciences (D.Sc.) Degree,Shri Mata Vaishno Devi University, Katra, J&K, 2018

Industry associations and affiliations

  • Chairman, GSM Association, 2017-19 [34]
  • Honorary Chairman, International Chamber of Commerce (ICC)[35]
  • Member, Telecom Board of International Telecommunication Union (ITU), the leading UN agency for Information and Communication Technology

Commissioner, Broadband Commission for Sustainable Digital Development at ITU

  • Chair, World Economic Forum's Telecommunications Steering Committee[36]
  • Member, International Business Council, World Economic Forum[37]
  • Member, Board of Directors, Qatar Foundation Endowment
  • Member, Board of Directors, SoftBank Corp. (2011 – 2013)
  • Member, Board of Directors, Unilever PLC and Unilever NV (2011 – 2013)
  • Member, International Advisory Committee to the Board of Directors, NYSE Euronext (2008- 2011)
  • Member, Board of Directors, Standard Chartered Bank Plc (2007 - 2009)
  • Member, Board of Directors, Hero Honda Motors (2006 - 2009)
  • President, Confederation of Indian Industry (CII) (2007 - 2008)[38]
  • Co-chairman, Annual Meeting, World Economic Forum, Davos (2007)[39]
  • Member, Board of Global GSM Association (2003 - 2007)

Philanthropy

Mittal has also been working towards educating India through the Bharti Foundation, which is the philanthropic arm of Bharti Enterprises. The Foundation has established schools in villages across India and offers free quality education with free books, uniform and mid day meals to poor children.[40]

Satya Bharti School Program' - the Foundation's flagship program is running 254 schools in six States serving over 45,000 rural children, free of cost. The other educational initiatives including the – Satya Bharti School, Quality Support and Learning Centre Programs, are currently reaching out to over 3,50,000 underprivileged children in 11 states. Other Program of the Foundation making considerable impact among the underprivileged sections is – 'Satya Bharti Abhiyan' (Sanitation).

In 2017, the Bharti Family pledged 10% of wealth (approx. Rs 7000 crores) towards Philanthropy to set up Satya Bharti University, a world-class University to offer education to deserving youth from economically weaker sections of society.

References

  1. 1 2 3 4 5 6 Nair, Vinod (22 December 2002). "Sunil Mittal speaking: I started with a dream". Times of India.
  2. ↑ "Sunil Mittal". Forbes.com. Retrieved 23 September 2016.
  3. 1 2 Heather Timmons (25 May 2008). "$50 Billion Telecom Deal Falls Apart". New York Times. Retrieved 1 April 2010.
  4. ↑ "Airtel becomes third largest globally". Gadgets.ndtv.com. 30 June 2015.
  5. ↑ "Sunil Mittal, Indra Nooyi get Padma Bhushan". The Hindu Businessline. 27 January 2009. Archived from the original on 12 September 2012. Retrieved 1 April 2010.
  6. ↑ "Telecom giant Sunil Bharti Mittal named ICC Chairman". ICC. 15 June 2016. Archived from the original on 16 June 2016. Retrieved 6 June 2016.
  7. 1 2 3 Mittal, Airtel. Pesu! (Tamil ed.). Kizhakku. p. 14. ISBN 81-8368-864-0.
  8. ↑ "The World's Billionaires". Forbes. 11 March 2009. Retrieved 1 April 2010.
  9. 1 2 3 4 5 "Sunil Mittal TimesNow interview". YouTube.com. Retrieved 1 April 2010.
  10. 1 2 Clay Chandler (17 January 2007). "Wireless Wonder: India's Sunil Mittal". CNN. CNNMoney.com. Retrieved 1 April 2010.
  11. ↑ "Emerging-market telecoms: Eyes on Africa". The Economist. 6 May 2008. Retrieved 1 April 2010.
  12. ↑ James Middleton (1 October 2009). "Bharti and MTN have called off merger discussions once again". Telecoms.com. Retrieved 1 April 2010.
  13. ↑ "Bharti completes acquisition of Zain's Africa biz for $10.7bn - The Times of India". Timesofindia.indiatimes.com. Retrieved 2015-11-12.
  14. ↑ "Wal-Mart May Open India Retail Stores Within Two Years". Bloomberg Businessweek. Retrieved 5 April 2013.
  15. ↑ "Airtel calls of deal to acquire Loop telecom". Economic Times. Retrieved 30 June 2015.
  16. ↑ "'Sunil Mittal & family'". Forbes. Retrieved 2 December 2016.
  17. ↑ Editorial, Reuters. "Sunil Mittal's son joins Bharti Airtel, fuels succession talk". Reuters India. Retrieved 2017-08-13.
  18. ↑ "Subscribe to read". Financial Times. Retrieved 2017-08-13.
  19. ↑ "Bharti rejigs board ahead of tower arm IPO". Firstpost. 2012-09-27. Retrieved 2017-08-13.
  20. 1 2 "Bharti Infratel shares drop 13 percent in market debut". Reuters. 28 December 2012. Retrieved 2017-08-13.
  21. ↑ Karmali, Naazneen. "Billionaires Sunil Mittal, Ravi Ruia Face Court Grilling In Telecom Probe". Forbes. Retrieved 2017-08-13.
  22. ↑ "India's Airtel continues Africa push with deal in Congo". Financial Times. Retrieved 2017-08-13.
  23. ↑ "Oneweb secures $500m from Richard Branson, Coca-Cola and others". BOLSAMANIA. Retrieved 2017-08-13.
  24. ↑ Mankotia, Anandita Singh; Guha, Romit (2016-09-21). "We will increase revenue market share, says Sunil Mittal". The Economic Times. Retrieved 2017-08-13.
  25. ↑ "The Mukesh Ambani vs Sunil Bharti Mittal battle is really heating up!". Business Insider. Retrieved 2017-08-13.
  26. ↑ "Subscribe to read". Financial Times. Retrieved 2017-08-13.
  27. ↑ India, Press Trust of (2017-02-28). "No more bill shocks, vows Sunil Mittal as Airtel scraps roaming charges". Business Standard India. Retrieved 2017-08-13.
  28. ↑ "Subscribe to read". Financial Times. Retrieved 2017-08-13.
  29. ↑ http://economictimes.indiatimes.com/industry/telecom/sunil-mittal-gets-gsm-association-chairmans-award/articleshow/2778955.cms
  30. ↑ http://www.rediff.com/money/report/sunil/20061230.htm
  31. ↑ "Sunil Mittal bags award". Articles.economictimes.indiatimes.com. Retrieved 30 June 2011.
  32. ↑ "Sunil Mittal gets INSEAD award". The Hindu. In.com. Archived from the original on 25 March 2012. Retrieved 30 June 2011.
  33. ↑ "Airtel's Sunil Mittal, Paytm's Vijay Shekar given honorary degrees by Amity University". DNA INDIA.com.
  34. ↑ https://www.gsma.com/newsroom/press-release/gsma-elects-new-board-members-elects-sunil-bharti-mittal-chair/
  35. ↑ https://iccwbo.org/about-us/governance/chairmanship-secretary-general/
  36. ↑ http://reports.weforum.org/digital-transformation/wp-content/blogs.dir/94/mp/files/pages/files/dti-telecommunications-industry-slideshare.pdf
  37. ↑ https://www.weforum.org/people/sunil-bharti-mittal/
  38. ↑ http://economictimes.indiatimes.com/news/company/corporate-trends/sunil-mittal-elected-cii-president/articleshow/2071366.cms
  39. ↑ http://www.globalgiants.com/archives/2007/01/annual_meeting.html
  40. ↑ Suzanne McGee (30 November 2009). "The 25 Best Givers". Barron's. Retrieved 1 April 2010.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.