Indian conglomerate Bharti Global is poised to become a 24.5% shareholder in BT, buying French media giant Altice’s stake in the firm,.

The business giant said it has entered into a binding agreement with Altice to buy a 9.99% stake in BT. A further 14.51% stake is pending a national security clearance from the UK Government, it said, adding that it has “no intention of making an offer to acquire the company”.

Bharti Global said the investment is “a vote of confidence in the UK as an attractive global destination for investment, with a stable business and policy environment attractive for long-term investors”.

Altice, which is controlled by French-Israeli billionaire Patrick Drahi, had been upping its stake in BT in recent years, and had already faced a national security probe in 2022.

Founded by billionaire Sunil Bharti Mittal in 1976, Bharti Global is one of India’s largest conglomerates, with interests in telecoms, media, space and other sectors. Mr Bharti Mittal, 66, is the company’s chairman.

Allison Kirkby, chief executive of BT, said: “We welcome investors who recognise the long-term value of our business, and this scale of investment from Bharti Global is a great vote of confidence in the future of BT Group and our strategy.

BT has enjoyed a long association with Bharti Enterprises, and I’m pleased that they share our ambition and vision for the future of our business. They have a strong track record of success in the sector, and I look forward to ongoing and positive engagement with them in the months and years to come.”

Mr Bharti Mittal said: “This investment demonstrates the confidence we have in BT and in the UK.

BT has a strong portfolio of market-leading brands, high-quality assets and an experienced management team with a compelling strategy mandated by the BT board to deliver value over the long term, which we fully support.”

Between 1997 and 2001, BT owned a 21% stake in Bharti Global’s telecoms arm Bharti Airtel, and had two seats on the board of the company.

Shravin Bharti Mittal, Sunil Bharti Mittal’s son and managing director of Bharti Global, added: “We review global investment opportunities in the world of technology from digital infrastructure to software.

“BT is well known to us from the long association with Bharti, so we are pleased to have this opportunity to acquire a significant stake in the company. We believe that BT is poised for leadership in the telecom arena, especially home broadband services.”