Bloomberg Billionaires Index

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# 267 Sunil Mittal $6.60B

Random fact: Turns vegetarian before major business moves because of superstition.

Overview

Mittal is chairman of Bharti Airtel, India's largest telecommunications company. The New Delhi-based company operates in 16 countries, has more than 400 million customers and had revenue of $11.6 billion in the year to March 2019. Bharti Airtel is the world's third biggest mobile service provider based on subscriber numbers.

As of :
Last change -$30.1M ( -0.5%)
YTD change +$1.81B ( +37.8%)
Industry Media & Telecom
Biggest asset BHARTI IN Equity
Citizenship India
Age 62
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Sunil Mittal's net worth of $6.60B can buy ...

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troy ounces of gold
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barrels of crude oil

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Mittal's fortune is derived from his 21 percent stake in Bharti Airtel, a telecommunications company. His stake is held through closely-held Bharti Enterprises and other holding companies, according to a March 2019 filing with the Bombay Stock Exchange. Bharti Airtel operates in 16 countries and has more than 400 million customers, according to its website.

He also holds an 11 percent stake in Triton International, the Bermuda-based container leasing company. This is also held through Bharti Enterprises, according to Triton's 2019 proxy statement.

Other investments include a minority stake in messenger services startup Hike, a joint venture with Softbank, which is valued based on the $1.4 billion valuation from a 2016 funding round.

His commercial real estate in India is valued at $387 million, based on data from a March 2019 report by rating agency ICRA. A stake in Delonex Energy is valued based on the company's equity value as reported in its 2018 annual report.

He has received more than $350 million in dividends through March 2019, according to company filings and analysis of Bloomberg data. The value of his cash investments is based on these proceeds, as well as taxes, market performance and stock transactions.

Prem Subedi, a spokesman for Bharti Enterprises, declined to comment on the net worth calculation.

Biography

Birthdate: 10/23/1957
Family: Married, 3 children
Education: University of the Punjab

Sunil Mittal was born in 1957, the middle of three sons of Sat Paul Mittal, a career politician from Punjab. He was a member of the Indian National Congress party who became a member of parliament

Mittal enjoyed cricket more than reading books as a child, according to his profile posted on the Harvard Business School website's alumni section. After graduating from Punjab University, Ludhiana in 1976, Mittal started his own small-scale manufacturer of bicycle parts. He gradually expanded into wool blankets and stainless steel surgical equipment.

After relocating to Bombay, he studied Indian import policies and began an import business. He was the country's largest importer of portable generators by the age of 24. A government ban led him importing push-button phones instead.

Mittal built the Bharti group into India's largest mobile phone operator. Bharti Airtel began offering affordable voice and data services in 1994, and has since expanded to more than one dozen countries, including some in Africa.

Mittal is a recipient of the Padma Bhushan, one of India’s highest civilian honors, and has served on the Prime Minister of India’s Council on Trade & Industry.

Sunil is on Harvard University’s Global Advisory Council, Board of Dean’s Advisors at HBS, and the governing board of the Indian School of Business.

Milestones
  • 1995 Bharti Cellular launched AirTel service in Delhi.
  • 1997 British Telecom acquires equity interest in Bharti Cellular.
  • 2011 Airtel launches 3G services in India.
  • 2015 Bharti Enterprises buys stake in OneWeb.
  • 2017 Bharti Airtel acquires Milicom's operations in Rwanda.