When Mukesh Ambani's Jio was giving tough competition to the telecom industry, one advice from PM Modi changed Sunil Mittal's fortunes. Bharti Group founder Sunil Bharti Mittal himself revealed this in a media interview. He told how his fortunes changed.
After the launch of Asia's biggest businessman Mukesh Ambani's Jio, there was a stir in the world of telecom. Due to this, many telecom companies were out of the market. Bharti Mittal's Airtel was also surrounded by this crisis. But a meeting of Sunil Bharti Mittal with PM Narendra Modi proved to be a game changer for him. This is not what we are saying, but Sunil Bharti Mittal himself is saying this. When his company was in trouble after the arrival of Jio, then an advice from PM Modi changed his life.
In fact, Bharti Group founder Sunil Bharti Mittal himself revealed this in a media interview. He said that his meeting with PM Narendra Modi in September 2018 proved to be a turning point for Bharti Airtel, which was facing a crisis at that time.
Sunil Mittal told how his luck changed?
Mittal told Economic Times in an interview that Reliance Jio was providing free voice and data services. Along with this, many decisions of the telecom regulator had also adversely affected old telecom companies like Airtel. Mittal said, '… (In September) 2018, I sought time to meet the PM. I was then the President of GSMA and had just come out of the post of President of International Chambers of Commerce, when I used to give him (PM) information on WTO, G20 and other issues occasionally.
I talked to him about the Indian telecom industry. I told him that things are going very badly and the situation is becoming very worrying.' Jio, which entered the telecom market in 2016, was providing free voice and data services. Also, TRAI had taken many such decisions which Mittal felt were helping one party.
PM Modi gave advice
Recalling his meeting with Modi, Mittal said, "I can fight in the market, but I cannot fight the government." Mittal said, "He told me that this government will not lean towards any one side. Whatever is good for the country will be done. You fight in the market. I have no opinion on this. But on the part of the government, you can be assured that the government will not take anyone's side. And that was enough for me. I got up and started thanking him... This was a turning point (for Airtel)." As a result of which, Airtel has achieved a market cap of $ 100 billion on May 27.
mCap reached $100 billion from $19 billion
In 2019, Airtel's market cap was around $19 billion, which was less than the amount invested in the business. But the company has added more than $80 billion to its market cap in the last five years. Mittal further said in the interview that 'It is wrong to say that this government is favoring only a few people. I think this market cap of $100 billion is a testimony not only to my company but to the position of India today. Money is coming into this country, a lot of capital is coming, investments are coming, the stock market is growing. Such big valuations are the result of a stable, strong and functional economy under a very solid leadership.'
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