Sunil Mittal, the chairman of Bharti Airtel, confessed that his decision in 2010 to spend in Africa might have been a little rushed, and that took various years to fix. It consumed energy and time that might have been invested stimulating the No 1 carrier in its hometown where it encounters strong rivalry.
“We all must have carried out tons of mistakes. Various moves, when you look back, I think they were given more thought throughout. If you ask me to select one, I might claim in 2010 our move to go to Africa was a little hurried and that has taken 6–8 Years and ton of my personal time and resources to fix that,” Mittal claimed to the media in an interview to a query on the one business move that he doubts the most.
Mittal was talking at the TiEcon Delhi occasion amongst a gathering of industrialists, where he also offered advice on the basis of lessons in his life, comprising always having management on financial situation of a person. It also included building credibility with associates for the long term, for example Warburg Pincus that reinvested in DTH arm of Airtel after almost 20 years. And last, but not the least, not taking short cuts.
Bharti Airtel had purchased African assets of Kuwait-located Zain Telecom for $10.7 Billion in 2010, after which the provider had processes in 17 countries of Africa. Currently, the figure has dropped down to 15. In a latest interview with the media, Mittal claimed that the firm might look at consolidation in nations such as Rwanda, Kenya, and Tanzania, via acquisitions, mergers, or both, even as the entire business in Africa was turning a corner.
“Thankfully, Africa is much enhanced and improved place today. But when I see I think if I might have saved that capital, energy, and energy,” he claimed.