New Delhi, Dec 15 (PTI) Telecom tycoon Sunil BhartiMittal today seemed to regret venturing into Africa when hetermed it "a bit rushed" move that took years of his personaltime and resources to fix it.
"We all must have made lots of mistakes. Lots of decisionwhen you look back, say I wish they were better thoughtthrough. If you pin me down to one, I would say in 2010 ourdecision to go to Africa was a bit rushed and that has taken6-7-8 years and lot of resources and my personal time to fixthat," Mittal said.
He was responding to query at TiEcon Delhi event thatwhich is the one business decision that he regrets the most.
Mittal's firm Bharti Airtel had ventured in Africa marketwith USD 10.7 billion (or about Rs 48,000 crore at that)acquisition of Kuwait-based Zain Telecom's African assets. Thecompany at present operates in 15 African countries.
"In Africa, thankfully, it is much better place today. Itis free cash flow positive but when I look I think if I wouldhave conserved that energy, capital and energy, probably wewould have been better place today in our home market. Everyentrepreneur comes to a point where you make some mistake andthe only thing is that you should recognise it and try to fixit as fast as you can," Mittal said.
The company had reported a consolidated net debt of Rs91,480 crore as on June 30, 2017.
Bharti Airtel had reported 2.8 per cent rise in itsAfrica revenue on an underlying basis, while the operatingprofit margins improved over 9 per cent year-on-year. In thequarter. In the second quarter ended June 30, 2017, BhartiAirtel's Africa revenue stood at Rs 4,852.8 crore and profitafter tax excluding exceptional item at Rs 338.8 crore.
"It has taken 6-7 years, I wish you know, if had to lookback we should have not taken that decision but having takenthat decision, you need to back it, you need to fix it. It'smy job, it's my teams job to fix it," Mittal said.
In response to query on performance of insurancebusiness, Mittal said that Bharti Axa has recently got newteam and fresh investments and insurance business has its owngestation period.
"In 5-7 years we will be very happy if we are in top 10in both life and general (insurance)," Mittal said.
Talking about Airtel Payments Bank business, he said thatit is meant for financial inclusion with limitations that itcannot provide loans etc.
"It is a frugal bank where you go in rural-suburbanpeople to include those who have never been in to bank branchor don't have bank account. We are opening 80-100 thousandaccounts a day. Lot of momentum is being picked up there butit is early days. A lot of learning is to be done there. Itwill be very big and good opportunity going in to future,"Mittal said. PTI PRS ANZMR.
This is unedited, unformatted feed from the Press Trust of India wire.