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Bharti eyes $10 bn revenue by 2010

Bharti eyes $10 bn revenue by 2010
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First Published: Tue, Nov 04 2008. 01 01 AM IST
Updated: Tue, Nov 04 2008. 01 01 AM IST
New Delhi: At a time when many companies are announcing poor results or job cuts, Bharti Enterprises has chosen to unveil its vision for 2020. Unveiling a new logo that it hopes would capture the attention of the youth, Bharti announced it aims to become a conglomerate by 2020. Speaking at a press conference in New Delhi on Monday, chairman and group CEO Sunil Mittal summed up Bharti’s brand essence as “Big Transformations. Brave Actions.”
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Mittal said the group hopes to make $10 billion in sales by 2010, adding that in the future, the company wants to strengthen its business interests in sectors other than telecom. Currently 80% of the company’s revenues come from the telecom business but it hopes to reduce this proportion to 50% in the next five years. Retail, cash and carry, financial services and logistics are expected to contribute a larger share to the company’s revenues in the future. Says Mittal, “I think we are breaking free from our telecom legacy, we are saying telecom is one solid show in the business now. But it’s time to give momentum to our other businesses. We’ve got fine partners — Axa in financial services, Walmart in retail and Del Mote in food and agriculture business.”
Bharti’s new logo, it’s third, has two arrows pointing in different directions, meant to symbolize its diverse interests.
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First Published: Tue, Nov 04 2008. 01 01 AM IST