e64d95f0-2c69-4d32-b778-b06e92903588

COMPANY PROFILE

Bharti Airtel Limited

REFERENCE CODE: E64D95F0-2C69-4D32-B778-B06E92903588PUBLICATION DATE: 17 Jul 2015www.marketline.comCOPYRIGHT MARKETLINE. THIS CONTENT IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED OR DISTRIBUTED.

TABLE OF CONTENTS

Company Overview..............................................................................................3

Key Facts...............................................................................................................3

Business Description...........................................................................................4

History...................................................................................................................6

Key Employees...................................................................................................11

Key Employee Biographies................................................................................12

Major Products and Services............................................................................16Revenue Analysis...............................................................................................17

SWOT Analysis...................................................................................................19

Top Competitors.................................................................................................25

Company View.....................................................................................................26

Locations and Subsidiaries...............................................................................28

Bharti Airtel Limited Page 2 MarketLine

Bharti Airtel LimitedTABLE OF CONTENTS

COMPANY OVERVIEW

Bharti Airtel Limited (Bharti Airtel or "the company") is one of the leading global telecommunicationscompanies, offering second generation (2G,) third generation (3G) and fourth generation (4G)wireless services, mobile commerce, fixed line services, high speed digital subscriber line (DSL)broadband, internet protocol television (IPTV), direct-to-home (DTH), enterprise services includingnational and international long distance services to carriers. The company operates in 20 countriesacross Asia and Africa. It is headquartered in New Delhi, India and employed approximately 14,645people as of March 31, 2014.

The company recorded revenues of INR857,461 million ($14,233.9 million) during the financial yearended March 2014 (FY2014), an increase of 11.5% over FY2013.The operating profit of the companywas INR121,274 million ($2,013.1 million) in FY2014, an increase of 43.6% over FY2013. The netprofit of the company was INR27,727 million ($460.3 million) in FY2014, an increase of 21.8% overFY2013.

KEY FACTS

Bharti Airtel LimitedHead OfficeBharti Crescent1 Nelson Mandela RoadVasant Kunj Phase IINew Delhi 110 070IND

91 11 4666 6100Phone

91 11 4666 6411Fax

http://www.airtel.inWeb Address857,461.0Revenue / turnover

(INR Mn)MarchFinancial Year End14,645Employees532454Bombay Stock

Exchange TickerBHARTIARTLNational Stock

Exchange Ticker


Bharti Airtel LimitedCompany Overview

BUSINESS DESCRIPTION

Bharti Airtel Limited (Bharti Airtel or "the company") is a provider of telecommunications serviceswith presence in India, Sri Lanka, Bangladesh and 17 countries in the African continent.The companyoffers mobile, voice and data solutions using 2G, 3G and 4G technologies; an integrated suite oftelecom solutions; and long-distance connectivity in India, Africa and rest of the world.The companyalso offers digital TV and IPTV services in India. All of the services are offered under the Airtel brand.The company had a customer base of 295.9 million at the end of March 2014.

Bharti Airtel generates revenues through seven business segments: Mobile Services India, MobileServices Africa, Airtel Business, Telemedia Services, Digital TV services, Tower InfrastructureServices, Mobile Services South Asia and others.

Mobile Services India segment includes voice and data telecom services provided through wirelesstechnology, including 2G, 3G and 4G in India. This includes the captive national long distancenetworks which primarily provide connectivity to the mobile services business in India. In addition,the company offers intra city fibre networks and mobile commerce services. At the end of FY2014,the company had a customer base of 205.5 million global systems for mobile communications (GSM)customers in India. The company had 58.1 million mobile internet customers, which includes 11million 3G data service customers. In addition, Bharti Airtel operated 138,755 sites in India of which31,301 were 3G sites.

Mobile Services Africa segment offers voice and data telecom services in the African Continent.Thecompany has businesses in 17 countries in Africa. In FY2014, Bharti Airtel had a subscriber baseof 69.4 million in Africa.The company had 22.3 million data customers and 3.5 million active customersfor its Airtel money service, and transacted nearly $700 million every month.

Airtel Business segment offers information and communications technology (ICT) solutions in India.These solutions include voice, data, video, network integration, data center services, managedservices, enterprise mobility applications and digital media. Global Business, the international armof this segment offers an integrated suite of global and local connectivity solutions across voice anddata. Global Business also offers value added services (VAS) solutions like international toll freeservices (ITFS), signalling hubs, messaging along with managed services and satellitecommunications (Satcom) solutions.

Tower Infrastructure Services segment include setting up, operating and maintaining wirelesscommunication towers in India. These services are offered through its subsidiary Bharti Infratel,which deploys, owns and manages telecom towers and communications structures in 11 circles ofIndia and also holds 42% share in Indus Towers (a joint venture between Bharti Infratel, Vodafoneand Idea Cellular). Bharti Infratel had 35,905 towers in 11 telecommunication circles at the end ofFY2014. Bharti Infratel's towers, including installations of its 42% interest in Indus, comprised of83,368 towers in India, as of March 31, 2014.


Bharti Airtel LimitedBusiness Description

Telemedia Services include voice and data communications based on fixed network and broadbandtechnology.The company provides fixed-telephone, broadband digital subscriber line (DSL) servicesfor homes as well as enterprises across 87 pan-India cities. It had 3.4 million customers as of March31, 2014 of which 1.5 million subscribed to broadband/internet services.The product portfolio of thesegment includes high-speed broadband rising upto 100 Mbps for home segment as well as local,national and international long-distance voice connectivity. For the enterprises, the segment offersfixed-line voice (PRIs), multiprotocol label switching (MPLS), mobile, data and other connectivitysolutions; collaborative solutions including audio, video and web conferencing; and cloud solutions.

Digital TV services encompass the company's digital broadcasting services provided under thedirect-to-home (DTH) platform. The company served a customer base of nine million on its DTHplatform. Bharti Airtel currently offers a total of 400 channels and services, including 19 high-definition(HD) channels, six games and three interactive services. In addition, the company added 25 vernacularchannels across languages such as Bengali, Tamil, Telugu, and Oriya, among others.

The companys Mobile Services South Asia segment offers voice and data telecom services providedthrough wireless technology (2G/3G) in Sri Lanka and Bangladesh. At the end of FY2014, thecompany had 8.6 million mobile customers in South Asia and 6,814 sites on network, of which 1,986were 3G sites.

Bharti Airtels others segment includes administrative and support services provided to othersegments.


Bharti Airtel LimitedBusiness Description

HISTORY

Bharti Airtel was established as Bharti Tele-Ventures (BTV) in 1995.The company started operationsin 1996.

In 2001, BTV entered into licenses for four fixed-line circles in addition to existing operations inMadhya Pradesh. In the following year, the company went for an initial public offering of its shares.

During 2004, the company delisted its shares from the Delhi Stock Exchange, while its sharescontinued to trade on the National Stock Exchange and the Bombay Stock Exchange. In the followingyear, Vodafone acquired a 10% stake in BTV for around $1.5 billion. In 2006, BTV's name waschanged to Bharti Airtel Limited (Bharti Airtel or "the company").

In 2007, Bharti Infratel, a subsidiary of the company, in partnership with Vodafone Essar and IdeaCellular formed Indus Towers, an independent tower company to provide passive infrastructureservices in India. In the same year, Bharti Airtel received license to provide telecom services in SriLanka. The company also won facility based operator license in Singapore to operate internationalcarrier facilities from Singapore.

Bharti Airtel entered into two fiber-optic submarine cable agreements including one along with eightcompanies of the global telecommunications industry to build a high-capacity fiber-optic submarinecable that stretches from India to France through the Middle East; and another one along with fiveinternational companies to build a high-bandwidth fiber-optic submarine cable linking Asia and theUS, in 2008. Subsequently, Guernsey Airtel, a subsidiary of the Bharti Enterprise, launched its mobileservices in Guernsey, Channel Islands offering products and services under the Airtel-Vodafonebrand. Later in the same year, Bharti Airtel entered into an exploratory discussion with MTN Groupof South Africa on the possibility of combining the two emerging market telecom companies. Thediscussion did not result in a deal. Also in 2008, Bharti Airtel launched its virtual calling card service,Airtel CallHome, to enter the UK market. The company also launched direct-to-home (DTH) TVservices in India.

In 2009, the company introduced its triple-play service by launching Airtel digital TV interactive, aninternet protocol (IP) TV and offered that service along with voice and broadband service. In thesame year, Bharti Airtel launched the world's first Windows based online desktop-powered byMicrosoft and Nivio. Subsequently, Australia Japan Cable and Bharti Airtel signed a partnershipagreement to interconnect their current and future networks in Guam. This agreement allowed bothparties to offer services from a number of locations including Singapore and the US West Coast toAustralia. Bharti Airtel and Alcatel-Lucent formed a joint venture to manage Bharti Airtel's pan-Indiabroadband and telephone services and help its transition to next generation networks, in 2009. Inthe same year, the company entered the cloud computing market by launching Airtel Net PC, alow-cost online computer for its broadband customers. Subsequently, Bharti Airtel created a newterrestrial cable network to Bhutan. As part of this initiative, Bharti Airtel signed a memorandum ofunderstanding (MoU) with the Royal Government of Bhutan to extend fiber connectivity. Also, in the


Bharti Airtel LimitedHistory

same year, the company launched a corporate mailing solution for small and medium size enterprises(SMEs), Airtel Hosted Mail. It also introduced its global wholesale service portfolio with a networkto reach 50 countries across the continents of Europe, North America, Africa, Asia and Australia.During 2009, Bharti Airtel and Cisco entered into a strategic business alliance to provide a set ofproducts and services including managed data services, hosted unified communications, connectedbranch services and Cisco TelePresence.The company launched its Ethernet services in more than25 global cities across Asia, Europe, North America and Australia.

In 2010, the company entered into an agreement to acquire 70% stake in Warid Telecom, a whollyowned subsidiary of the Dhabi Group in Bangladesh offering mobile services. In the same year,Bharti Airtel announced strategic organizational changes by creating a new International BusinessGroup that would be responsible for expanding the company's operations outside India and SouthAsia. In the same year, Bharti Airtel launched India's first mobile app store, Airtel App Central, whichincluded 1,250 applications across 25 categories for business, games, books, social networking andother needs. During 2010, the company entered the media and entertainment market by launchingAirtel Digital Media Business. Bharti Airtel and Ericsson expanded their strategic partnership with a$1.3 billion network expansion contract. Bharti Airtel, along with its partners, launched the Unitycable system, a 9,620 kilometer submarine cable system linking Japan and the West Coast of theUS. The company won 3G spectrum in 13 circles for INR122,954.6 million ($2,595.6 million) in anauction held by the Indian government. Bharti Airtel formed a strategic partnership with Novatium,a provider of computing services, to expand its broadband market in India, in 2010. In the sameyear, Bharti Airtel formed a partnership with Encyclopaedia Britannica to offer a two year freesubscription to Britannica online for its broadband users. In the same year, the company acquiredZain Group's (Mobile Telecommunications Company) mobile operations in 15 countries across Africafor an enterprise valuation of $10.7 billion. Subsequently, Bharti Airtel formed a strategic partnershipwith VMware and launched virtualization services based on VMware vSphere platform.

During 2010, a consortium of Bharti Airtel, Cisco, and Servion launched India's first 'customizable'hosted contact center services. Bharti Airtel began offering the full mobile site of Facebook, a popularsocial networking service, free of charge for its customers across India. Nokia and Bharti Airtelpartnered to launch Ovi Life Tools service targeted at providing Bharti Airtel's mobile customers withaccess to relevant content on agriculture, education and entertainment. Bharti Airtel together withother global telcos launched the EASSy cable system that connects Mtunzini in South Africa to PortSudan (in Sudan) with landing points in nine countries. Also in 2010, the company strengthened itsglobal data portfolio with the launch of its services in Thailand and Malaysia which included IPL,managed MPLS and Ethernet for customers in the region. The company selected Ericsson India,Nokia Siemens Networks and Huawei Technologies as network partners to launch 3G services inIndia. Bharti Airtel also signed an agreement with Ericsson and Huawei to deploy network acrossBangladesh. Bharti Airtel unveiled a new identity, a shared worldwide vision across its operationsin 19 countries in Asia and Africa, in 2010. The year witnessed the company cross the milestone of200 million customers. In the same year, the company launched IPTV services in Bangalore, India.Subsequently, Bharti Airtel, in association with China Telecom, commenced a direct undergroundterrestrial link between India and China that offers network and connectivity to customers transitingIndia or China to reach key global destinations.



In 2011, State Bank of India and Bharti Airtel entered into a joint venture agreement to offer bankingservices. In the same year, Bharti Airtel launched its 3G services in Karnataka, its largest circle byrevenue market share in India. Subsequently, the company launched 3G services in the cities ofChennai and Coimbatore. In the same year, Bharti Airtel launched Airtel Money, India's first mobilewallet service by a telecom operator. Airtel digital TV, the DTH service from Bharti Airtel and SonyIndia partnered to expand the flat panel TV market, in 2011. In the same year, the company partneredwith Savvis, a provider of cloud infrastructure and hosted IT solutions for enterprises, to offer managedservices to enterprises operating in or expanding into India. Bharti Airtel launched its 3G servicesin Jaipur and the national capital region spanning Delhi, Gurgaon, Faridabad and Noida. During2011, the company launched ''airtel broadband TV', a service which enables the customers to watchlive TV on their computers or laptops. Bharti Airtel launched 3G services in the city of Hyderabad,India. Airtel digital TV added two new interactive services - iDarshan and iGoodlife. Bharti Airtellaunched airtel Movies, an on-demand online movie viewing service. In the same year, Airtel digitalTV launched iFasal, an interactive service in Hindi language. In 2011, the company launched itsinternational video calling services. In the same year, Airtel digital TV entered into a partnership withViacom 18-Colors to launch its first subscription service offering 24|7 movie and video content. Laterin the year, Airtel digital TV expanded its offerings through the addition of 41 channels across across section of genres and nine languages. In the same year, the company introduced India's firstfree mobile access to Twitter for a limited period.

Bharti Airtel selected Infosys as its technology partner for 'airtel money' in 2012. Under this partnership,Infosys WalletEdgeTM - the mobile commerce platform will enable the mobile wallet service tosupport cashless payments and settlement needs of diverse customer segments. In the same year,the company selected Nokia Siemens Networks to build and operate its time division duplex longterm evolution (TD-LTE) network in Maharashtra. In the same year, the company launched its 4Gservices in Bengaluru, India following the launch in Kolkata, India. During 2012, Bharti Airtelstrategically forayed into the mobile advertising (m-Advertising) segment. With this, the companywill equip advertisers to connect with their potential customers in a targeted and personalized fashionvia their mobile phones. Bharti Airtel, through its wholly owned subsidiary airtel mCommerce Services,and Axis Bank entered into a partnership for extending banking and payment services to India'sunbanked population through the mobile platform. The company launched its Cloud EnablementPlatform (CLEP) based on the HP Aggregation Platform for Software-as-a- Service (AP4SaaS).Thiswill enable Bharti Airtel to offer hosted SaaS and Infrastructure-as-a-Service (IaaS) applications tothe small and large enterprises on a pay-as-you-go model. In 2012, the company entered into anagreement with Microsoft to deliver Microsoft's cloud based Office 365 business productivity solutionsto small and medium businesses by provisioning the service through its cloud platform. Bharti Airtellaunched SmartDrive, a voice based real time navigation service, in the same year. Subsequently,the company rolled out Maharashtra, Insia's first 4G service in Pune. Bharti Airtel launched a newgreen data center in Mumbai, India.

In 2013, the company launched Airtel Dynamic Mobile Exchange (DME) for corporates.The solutionallows the workforce to access enterprise data from anywhere on a device of their choice. In thesame year, the company launched 4G services in Chandigarh, Mohali and Panchkula. Subsequently,Bharti Airtel and Reliance Jio Infocomm, a subsidiary of Reliance Industries and a provider ofbroadband wireless access spectrum, signed an indefeasible right to use (IRU) agreement, underwhich the company will provide Reliance Jio data capacity on its i2i submarine cable, a cable wholly



owned by the company and connects India to Singapore. During the same year, the company enteredinto a definitive agreement with the Warid, an Abu Dhabi-based mobile telecommunication investmentfirm, to fully acquire Warid Telecom Uganda. With this, the company will further consolidate itsposition as the second largest mobile operator in Uganda.The company issued 199.9 million shares,representing 5% stake, to Qatar Foundation Endowment, a global investor, for a worth of $1.3 billion.This will strengthen the company's capital structure and also allows the company to gain exposureto strong investor base in Middle East. Bharti Airtel and Reliance Jio Infocomm announced acomprehensive telecom infrastructure sharing arrangement under which they will share infrastructurecreated by both parties. This will include optic fiber network; submarine cable networks; and towersand internet broadband services among others.

In February 2014, Bharti Airtel launched first 4G on mobile in Bengaluru, India on Apple iPhone 5Sor 5C.

In April 2014, the company crossed a milestone of 100 Company-Owned-Company-Operated (COCO)Airtel retail outlets and expanded its retail footprint to 35 cities and towns across 14 states in India.In the following month, the company launched 3G intra city roaming (ICR) services inChandigarh-Tricity, Ludhiana, Jagraon, Malerkotla, Nabha and Nawanshaha and 4G services inJalandhar, Punjab, India. In May 2014, Airtel digital TV launched Disney Family Movies, an Englishsubscription video on demand (SVOD) service.

In June 2014, the company launched 4G on mobile in Kolkata, India. In the following month, BhartiAirtel launched 4G services in Amritsar, Hoshiarpur, Phagwara and Kapurthala; and Patiala in Punjab;and Nagpur, and Nashik in Maharashtra; India.

Airtel Digital TV entered into a partnership with Samsung and launched Integrated Digital TV (iDTV),in October 2014. As part of this, Samsungs range of SmartDirect TVs will be equipped with anin-built Airtel digital TV Smart Card.

Bharti Airtel launched One Touch Internet, a wireless application protocol (WAP), in November 2014,for millions of first-time internet users in India. In the same month, Mi India launched Redmi Note4G in partnership with Bharti Airtel. As part of the partnership, Redmi Note 4G will retail at selectAirtel stores in Delhi, Mumbai, Bangalore, Kolkata, Hyderabad and Chennai. In the following month,the company launched 3G services in Odisha, India.

In March 2015, Bharti Airtel acquired 111.6 MHz of prime spectrum across 900 MHz, 1800 MHz and2100 MHz bands for a total consideration of INR291300 million ($4,835.6 million). The companysspectrum acquisition strategy is expected to enhance its leadership position in the data segment inIndia. In the same month, the company strategically collaborated with China Mobile, to work towardsthe growth of LTE ecosystem and evolving mobile technology standards.The company also enteredinto network equipment sourcing agreements with ZTE and Huawei. During the month, the companylaunched 3G services in Jammu, India and 4G services in Bhatinda, India. Bharti Airtel joined AWSPartner Network (APN) to offer private network solutions for enterprise customers using AmazonWeb Services (AWS).



Bharti Airtel launched Airtel Zero, an open marketing platform that enables customers to accessmobile applications at zero data charges, in April 2015. In the following month, the company receivedfinancing commitments of up to $2.5 billion from China Development Bank and Industrial andCommercial Bank of China. These financings compliment the companys strong collaboration withChinese partners. Subsequently, the company launched 4G trials for its existing customers inChennai, India.

In July 2015, Bharti Airtel launched 4G services on dongles, wireless fidelity (Wi-Fi) customer premiseequipment (CPEs), mobile Wi Fi (Mi-Fi) and Wi-Fi dongles in Rohtak, India. In the same month,Bharti Airtel launched 4G trials, in Hubli and Dharwad in Karnataka, India.



KEY EMPLOYEES

CompensationBoardJob TitleName42461019 INRExecutive BoardManaging Director and Chief

Executive Officer (India and SouthAsia)

Gopal Vittal

238800623 INRExecutive BoardFounder and ChairmanSunil Bharti Mittal

Non Executive BoardDirectorShishir Priyadarshi

7049667 INRNon Executive BoardDirectorBernardus Verwaayen

3461556 INRNon Executive BoardDirectorChua Sock Koong

8652546 INRNon Executive BoardDirectorCraig Ehrlich

286301 INRNon Executive BoardDirectorDinesh Kumar Mittal

4960294 INRNon Executive BoardDirectorManish Kejriwal7784793 INRNon Executive BoardDirectorObiageli Oby Ezekwesili

2710958 INRNon Executive BoardDirectorRajan Bharti Mittal1511570 INRNon Executive BoardDirectorSheikh Faisal Thani Al-Thani

3461556 INRNon Executive BoardDirectorTan Yong Choo

1220274 INRNon Executive BoardDirectorV.K. Viswanathan

Senior ManagementDirector, Consumer BusinessSrinivasan Gopalan

Senior ManagementDirector and Chief Executive Officer,Global Voice and Data Business

Ajay Chitkara

Senior ManagementGlobal Chief Financial Officer andDirector, Human Resources

B. Srikanth

Senior ManagementDirector, Global Supply ChainMoti Gyamlani

Senior ManagementDirector, Market OperationsAjai PuriSenior ManagementDirector, Enterprise and

GovernmentManish Prakash

Senior ManagementDirector, Network Services GroupAbhay Savargaonkar

Senior ManagementChief Financial OfficerNilanjan RoySenior ManagementDirector, Customer ExperienceRaghunath Mandava

Senior ManagementChief Executive Officer, DTHShashi Arora

Senior ManagementDirector, Legal and RegulatorySameer Chugh

Senior ManagementChief Information OfficerHarmeen Mehta


Bharti Airtel LimitedKey Employees

KEY EMPLOYEE BIOGRAPHIES

Gopal Vittal

Board: Executive BoardJob Title: Managing Director and Chief Executive Officer (India and South Asia)

Mr. Vittal serves as the Managing Director and Chief Executive Officer, India and South Asia atBharti Airtel. Previously, he served at Bharti Enterprises where he was the Group Director of SpecialProjects during 2012-13. Prior to that, Mr. Vittal worked at Hindustan Unilever, where he headedthe Home and Personal Care Division. He held several global and national responsibilities duringhis 20 years stint at Unilever. During 2006-08, Mr.Vittal served as the Director of Marketing at BhartiAirtel.

Sunil Bharti Mittal

Board: Executive BoardJob Title: Founder and Chairman

Mr. Mittal is the Founder and Chairman at Bharti Airtel. He is also the Founder, Chairman and GroupChief Executive Officer at Bharti Enterprises. Mr. Mittal serves as the Vice Chairman at theInternational Chamber of Commerce; on the Prime Minister of India's Council on Trade and Industry,World Economic Forum's International Business Council, Telecom Board of InternationalTelecommunication Union (ITU), Commissioner of the Broadband Commission, and the SingaporePrime Ministers Research, Innovation and Enterprise Council. Previously, Mr. Mittal served as theCo-Chair at the India-Africa Business Council and India-Sri Lanka CEO Forum as well as a Memberat the India-US, India-UK and India-Japan CEO Forums. From 2007 to 2008, he served as thePresident at the Confederation of Indian Industry.

Shishir Priyadarshi

Board: Non Executive BoardJob Title: Director

Mr. Priyadarshi serves as a Director at Bharti Airtel. He serves as one of the Directors at WorldTrade Organisation (WTO) and as the Head of the Development division. Mr. Priyadarshi workedfor the Government of India for 20 years and served as the Senior Indian Administrative ServiceOfficer in the state of Uttar Pradesh and at the federal level in New Delhi, including in the office ofthe Cabinet Secretary.

Bernardus Verwaayen


Bharti Airtel LimitedKey Employee Biographies


Mr.Verwaayen is a Director at Bharti Airtel. He served as the Chief Executive Officer at Alcatel-Lucentfrom 2008 to 2013. Mr. Verwaayen served as the Deputy Managing Director at ITT Nederlandfrom1975 to 1987 and subsequently served as the President at KPN Telecom from 1988 to 1997.He was the Vice Chairman and Chief Operating Officer at Lucent Technologies from 1997 to 2002and the Chief Executive Officer at BT from 2002 to 2008. Mr. Verwaayen serves on the Board atWorld Economic Forum, Switzerland.

Chua Sock Koong

Board: Non Executive BoardJob Title: DirectorSince: 2001

Ms. Koong has been a Director at Bharti Airtel since 2001. She was appointed to the company'sBoard by SingTel. Ms. Koong joined SingTel in 1989 as a Treasurer and was promoted to the ChiefFinancial Officer in 1999. She held the positions of the Group Chief Financial Officer and ChiefExecutive Officer, International during 2006. Later, Ms. Koong assumed the role of the Deputy GroupChief Executive Officer. She was appointed as the Group Chief Executive Officer at SingTel in 2007.Ms. Koong is a Certified Public Accountant and a Chartered Financial Analyst.

Craig Ehrlich


Mr. Ehrlich is a Director at Bharti Airtel. He serves as the Chairman at Carmel Ventures Asia. Mr.Ehrlich serves as the Vice Chairman at ISM and is the Board Member at Philweb. Previously, heserved as the Chairman at kbro, which was sold in 2010. Mr. Ehrlich is also the Chairman at NovareTechnologies. He joined Hutchison Cablevision as the Managing Director in 1987. After four yearsat Hutchison Whampoa, Mr. Ehrlich became the Group Operations Director at HutchisonTelecommunications. In 1993, he left the Hutchison group and established companies involved inthe introduction of cable television and paging services and also started Hong Kong mobile operator,SUNDAY Communications in 1996. Mr. Ehrlich serves as a Member at UCLA/Peking UniversityJoint Research institute Advisory Committee and as the Founding Chairman of the Centre for GlobalManagement at the UCLA Anderson School.

Dinesh Kumar Mittal




Mr. Mittal serves as a Director at Bharti Airtel. Previously, he served as the Government of India invarious capacities, including the Indian Administrative Service (IAS) Officer. Mr. Mittal served as theSecretary, Ministry of Corporate Affairs and as an Additional Secretary, Department of Commerce.He also served as the Chief Negotiator of India for WTO negotiation.

Manish KejriwalBoard: Non Executive BoardJob Title: Director

Mr. Kejriwal is a Director at Bharti Airtel. He serves as the Managing Partner at Kedaara Capital. In2003, Mr. Kejriwal founded the Indian office of Temasek Holdings where he headed all its investmentsand other activities till 2011. During this time, he was the Senior Managing Director and also heldmultiple responsibilities in Temasek Singapore. Prior to joining Temasek Holdings, Mr. Kejriwal wasa Partner at McKinsey. Prior to that, he worked at the World Bank in Washington. He currently serveson the Board of Directors at Bajaj Holdings & Investment and Bajaj Auto.

Obiageli Oby Ezekwesili


Ms. Ezekwesili is a Director at Bharti Airtel. Until 2012, she was the Vice President for Africa Regionat the World Bank. Ms. Ezekwesili was the former Presidential Advisor, former Minister of Educationand Minister of Mines & Minerals for the Federal Republic of Nigeria. Since leaving the World Bank,she has been working at the Soros Foundation to set up an Economic Policy Development Initiative.

Rajan Bharti MittalBoard: Non Executive BoardJob Title: Director

Mr. Mittal is a Director at Bharti Airtel. He serves as the Vice Chairman at Bharti Enterprises. Mr.Mittal currently serves in a number of leadership roles in different industry bodies. He is on the Boardof Trustees at Brookings Institution and is the President of International Chamber of Commerce(ICC) in India. Mr. Mittal served as the President at Federation of Indian Chambers of Commerceand Industry (FICCI) from 2010 to 2011. From 1999 to 2000, he served as the President at Associationof Basic Telecom Operators (now known as Association of Unified Telecom Service Providers ofIndia - AUSPI).

Sheikh Faisal Thani Al-Thani

Board: Non Executive Board



Job Title: Director

Mr. Al-Thani is a Director at Bharti Airtel. He currently serves as the Deputy Chief Investment Officerat Qatar Foundation Endowment. Previously, Mr. Al-Thani held leadership roles at Qatar CentralBank and Qatar Banking Studies and Business Administration School, including as an AssistantDirector, Investment Department and Board Director. He also served as the Vice Chairman atVodafone Qatar.

Tan Yong Choo

Board: Non Executive BoardJob Title: DirectorSince: 2010

Ms. Choo has been a Director at Bharti Airtel since 2010. She began her career at SingTel in 1994and was appointed to her current role as the Group Financial Controller in 2007. Prior to joiningSingTel, Ms. Choo worked for several years in international accounting firms, Coopers & Lybrandand Arthur Anderson.

V.K. Viswanathan


Mr.Viswanathan serves as a Director at Bharti Airtel. He serves as the Chairman at Bosch. Previously,Mr. Viswanathan served as the Managing Director and Chief Executive Officer, the President andthe Country Head at Bosch Group in India from 2008 to 2012. He also held various other positionsat Bosch, including the President of Diesel Systems at Robert Bosch, Stuttgart, Germany from 1998to 2000. Prior to that, Mr. Viswanathan held various leadership positions at Hindustan Unilever andUnilever.



MAJOR PRODUCTS AND SERVICES

Bharti Airtel Limited (Bharti Airtel or "the company") is one of the leading global telecommunications companies, offering second generation (2G,) third generation (3G) and fourth generation (4G) wireless services, mobile commerce, fixed line services, high speed digital subscriber line (DSL) broadband, internet protocol television (IPTV), direct-to-home (DTH), enterprise services including national and international long distance services to carriers. The company's key products and services include the following:

Postpaid voice Prepaid voice Roaming Internet M-Commerce Value-added services Fixed-line telephone Broadband DSL services

Collaborative solutions

Audio Video Web conferencing

Cloud solutions

Digital television services

ICT services

Voice Data Video Network integration Data center servicesManaged services Enterprise mobility applications Digital media

Infrastructure services


Bharti Airtel LimitedMajor Products and Services

REVENUE ANALYSIS

Overview

The company recorded revenues of INR857,461 million ($14,233.9 million) during the financial yearended March 2014 (FY2014), an increase of 11.5% over FY2013. In FY2014, India, the company'slargest geographic market, accounted for 65.3% of the total revenues.

Bharti Airtel generates revenues through seven business segments: Mobile Services India (52.1%of the total revenues in FY2014), Mobile Services Africa (31.4%), Airtel Business (5.6%), TelemediaServices (4.3%), Digital TV services (2.4%), Tower Infrastructure Services (2.2%) and Mobile ServicesSouth Asia (2%). In addition, the company generated revenues from the others segment which doesnot account for significant part of the revenues.

Revenues by segment*

In FY2014, the Mobile Services India segment recorded revenues of INR446,896 million ($7,418.5million), an increase of 9.6% over FY2013.

The Mobile Services Africa segment recorded revenues of INR269,287 million ($4,470.2 million) inFY2014, an increase of 13.3% over FY2013.

The Airtel Business segment recorded revenues of INR48,025 million ($797.2 million) in FY2014,an increase of 19.3% over FY2013.

The Telemedia Services segment recorded revenues of INR36,492 million ($605.8 million) in FY2014,an increase of 6.3% over FY2013.

The Digital TV services segment recorded revenues of INR20,709 million ($343.8 million) in FY2014,an increase of 27.5% over FY2013.

The Tower Infrastructure Services segment recorded revenues of INR19,105 million ($317.1 million)in FY2014, a decrease of 7.6% compared to FY2013.

The Mobile Services South Asia segment recorded revenues of INR16,945 million ($281.3 million)in FY2014, an increase of 40.9% over FY2013.

*The company generated revenues from others segment which does not form a significant part oftotal revenues. Hence, total revenues do not match the segmental revenues.

Revenues by geography


Bharti Airtel LimitedRevenue Analysis

India, Bharti Airtel's largest geographic market, accounted for 65.3% of the total revenues in FY2014.Revenues from India reached INR559,696 million ($9,291 million) in FY2014, an increase of 9.8%over FY2013.

Africa accounted for 31.4% of the total revenues in FY2014. Revenues from Africa reachedINR269,287 million ($4,470.2 million) in FY2014, an increase of 13.3% over FY2013.

Rest of the world accounted for 3.3% of the total revenues in FY2014. Revenues from rest of theworld reached INR28,478 million ($472.7 million) in FY2014, an increase of 31% over FY2013.


Bharti Airtel LimitedRevenue Analysis

SWOT ANALYSIS

Bharti Airtel Limited (Bharti Airtel or "the company") is one of the leading global telecommunicationscompanies, offering second generation (2G) third generation (3G) and fourth generation (4G) wirelessservices, mobile commerce, fixed line services, high speed digital subscriber line (DSL) broadband,internet protocol television (IPTV), direct-to-home (DTH), enterprise services including national andinternational long distance services to carriers.The company has established a strong market positionin some of the most resilient economies in the world and is therefore equipped with strong growthprospects. However, competitive pressures may adversely impact Bharti Airtel's margins.

WeaknessesStrengths

Lawsuits and litigationsStrong market positionPresence in emerging marketsIntegrated services portfolioRobust network infrastructure

ThreatsOpportunities

Intense competitionIncreasing data consumptionAlternate technologies may impact thecompany's business

Strong growth in the mobile money marketPositive outlook for DTH and IPTV marketsin IndiaUntapped markets of India and Africa

Strengths

Strong market position

Bharti Airtel has a strong market position in the telecommunications industry. According to industryestimates, the company is the fourth largest telecommunications service provider globally in termsof the customer base. Further it is considered as the leader in terms of market share in 11 countries.In addition, Bharti Airtel is the leading player in the Indian telecommunications industry and secondlargest in Africa. The company has a customer market share of 23% and revenue market share of31.1% in the Indian wireless market as of July 31, 2014.The company also has a substantial customerbase. Bharti Airtel had a total customer base of 295.9 million in FY2014. Moreover, the company'swireless mobile services had a subscriber base of 283.6 million and 3.4 million subscribers for itsbroadband and telephone services. Furthermore, the company had nine million subscribers for itsdigital TV services. The company's total subscribers' base has been increasing consistently from2010 to 2014.The company's significant market position substantiated with its customer base ensuresstable revenues. Further it also allows the company to launch new products and services and the


Bharti Airtel LimitedSWOT Analysis

customer base provides a substantial base for the consumption of the company's products andservices.

Presence in emerging markets

Bharti Airtel operates in the emerging markets of Asia and Africa which enables it to drive revenuegrowth and leverage opportunities offered by the growing markets. According to IMF, the grossdomestic product (GDP) is expected to grow at 7.5% during 2015-16 and the Sub-Saharan regionis expected to grow at 4.5% in 2015 and 5.1% in 2016. In addition, Bangladesh is expected to growat 6.3% in 2015 and 6.8% in 2016; and Sri Lanka at 6.5% during 2015-16. The growth in Africa isbeing driven by investments in education, employment, healthcare and critical infrastructure. Inaddition, the telecommunications sector contributes significantly for the economic growth in Africa.Further, Bangladesh has its focus on increasing foreign investments, improve infrastructure andpromote all-round socio-economic development.

The companys strong presence in the emerging markets of Asia-Pacific and Africa enabled BhartiAirtel to drive revenue growth. It also enabled the company to focus on the emerging markets ofmobile money and e-commerce in these regions which offer enormous growth opportunities.

Integrated services portfolio

Bharti Airtel offers integrated services. For retail customers, the company offers fixed line voice,broadband, mobile services, mobile data, digital TV and several other value added services includingmobile payments. For the enterprise customers, the Airtel Business offers wide portfolio of servicesthat include voice, data, network integration, data center and managed services, enterprise mobileapplications and digital media. Further, Bharti Airtel offers tower infrastructure services to thetelecommunications providers. Ability to provide integrated services is a competitive advantage.Specifically, the average revenue per user will be incremental as the company's integrated servicescontinue to penetrate the customer base.

Robust network infrastructure

The company has robust network infrastructure with broad coverage capability.The company catersto a customer base of 295.9 million in India and Africa through its network. Bharti Airtel has madesignificant investments in growth drivers, such as spectrum and licenses, 3G and 4G networks inIndia, its presence in South Asia and a large network across Africa. During FY2014, the companycontinued its network rollout and enhanced its total number of sites to 17,792 in Africa.This enabledit to consolidate its market position in Nigeria to become the second largest telecommunicationsprovider in the region. Further in India, the company had 138,755 sites of which 31,301 were 3Gsites at the end of FY2014. Similarly, in South Asia the company had 6,814 sites on network inFY2014, as compared to 6,474 sites in FY2013.

Furthermore, during FY2014, the company won the auction for spectrum in the 900 MHz and the1,800 MHz bands, which helped renew some of its early licenses in India. In addition, Bharti Airtelacquired Qualcomms 4G licenses in four circles in India. Also during March 2015, Bharti Airtel



acquired 111.6 MHz of prime spectrum across 900 MHz, 1800 MHz and 2100 MHz bands for a totalconsideration of INR291,300 million ($4,835.6 million). These acquisitions align with the companysstrategy of building a robust network for the future and enhancing its leadership position in the fastgrowing data segment.

The company's robust infrastructure coupled with continuous focus on enhancing network capabilitiesenables it to effectively serve its customer base. Its spectrum acquisitions would enable to strengthenits leadership position in the data markets and drive strong topline growth.

Weaknesses

Lawsuits and litigations

Bharti Airtel operates in the Indian telecommunications market which is highly regulated by TelecomRegulatory Authority of India (TRAI).The company was imposed with significant fines for the violationof the regulations imposed by TRAI. For instance, in August 2014, the company was levied a penaltyof INR5,028 million ($83.5 million) by Department of Telecom (DoT) for non-compliance of subscriberverification rules that are important for national security. Similarly, in November 2014, fines wereimposed on the company for the violation of mobile number portability (MNP) norms. Bharti Airtelwas imposed with a fine of INR45.9 million ($0.8 million), the maximum penalty for contravention ofMNP regulation.

The company is also subject to various other lawsuits and litigations as part of its business. Theincreasing fines and penalties may increase the operating costs of the company negatively impactingthe results of operations of the company. In addition, the penalties issued by the regulatory body forthe non-compliance of the regulations may also adversely impact its business operations in thecountry.

Opportunities

Increasing data consumption

There has been an increase in the data consumption in India in the recent times with the raise insmartphone adoption. There has been an increasing adoption of newer technologies including the3G and 4G. Data is expected to drive the telecom industry growth in the near future. According toindustry estimates, revenue contribution from data is expected to reach INR360 billion ($6 billion)by 2018, from INR120 billion ($2 billion) in 2013 at an estimated CAGR of 85% during 2013-18. Thegrowth in the demand for data drivers is fuelled by growth in the smartphone users in India. Further,smartphone mobile data traffic is expected to grow at a CAGR of 83% during 2014-19 andsmartphones are expected to account for 79% of the total mobile data traffic by 2019. Further, it isexpected that 4G will account for 38.2% of total mobile data traffic by 2019, compared to 3.1% at



the end of 2014. 4G traffic is expected to grow 160-fold from 2014 to 2019, at a CAGR of 176%.Similar growth is expected in Africa.

The company has been investing in network transformation in the recent times, where it starteddeploying 3G services where it launched in 14 countries. Further the company is focused on 2Gnetwork quality. Bharti Airtel is also aggressively driving device penetration, including tablets,smartphones and dongles to ensure that its customers have access to the company's 3G dataservices. In order to ensure the delivery of devices to its customers, the company also partneredwith major device manufacturers. Further, the company was the first operator to launch 4G servicesin four cities in India. Also, the company is investing to roll out the long term evolution (LTE) networksin Africa, including Kenya, Rwanda and Gabon. Further, in FY2014, the company obtained 3G and4G licenses in Chad and Gabon; 3G licenses in Madagascar and 4G license in Seychelles, Africa.This enabled Bharti Airtel to expand its footprint in the African region. The company also expandedits 4G footprint in Chennai and Punjab in India. Also in March 2015, Bharti Airtel acquired 111.6MHz of prime spectrum across 900 MHz, 1800 MHz and 2100 MHz bands for a total considerationof INR291,300 million ($4,835.6 million). The companys spectrum acquisition strategy is expectedto enhance its leadership position in the data segment in India.

The company's investments in the newer technologies including 3G, 4G and LTE will allow it to caterto the increasing data consumption. Further all these newer technologies will enable the companyto increase ARPUs.

Strong growth in the mobile money market

Mobile money has been causing a significant transformation in how banked and previously unbankedpeople globally are conducting their financial activities.These services play a central role in extendingthe reach of formal financial services to the unbanked and financially underserved populations inseveral economies. Also, the use of mobile handsets to make payments has grown in the recentyears. Paying by smartphone or tablet is the most dynamic trend in the payment arena. The trendis expected to continue in the coming years, as adoption of mobile technologies is expected toincrease in coming years. According to industry estimates, the global mobile money market isexpected to grow from $12.3 billion in 2014 to $78 billion in 2019, representing a CAGR of 44.6%during 2014-19. Asia-Pacific and African regions are expected to follow the similar growth trend.

The company through its Airtel Money service is catering to the growing adoption of the mobilemoney services. The Airtel Money service is offered in India and in 17 countries in Africa. Further,at the end of FY2014, the company had 3.5 million active mobile money customers in Africa, withtransactions ranging around $700 million per month. In India, Airtel Money tied up with the IndianRailways Catering and Tourism Corporation to offer railway bookings. The company also partneredwith National Payments Corporation of India to offer mobile-based availability of money transfer tocustomers.

Bharti Airtels strong focus on enhancing its presence in mobile money market and the increasingadoption among the users offer ample opportunities for the company to generate additional revenuesin the coming years.



Positive outlook for DTH and IPTV markets in India

DTH and internet protocol television (IPTV) markets in India are expected to offer significantopportunities.The increased consumer spending power and the government's move to digitize cablenetworks will drive the growth of subscribers. The DTH market in India has been growing at a rapidpace. According to industry estimates, the DTH market in India is expected to reach $4 billion by2018 and $5.5 billion by 2023 and its active subscriber base is expected to grow from 37 million in2013 to 60 million in 2018 and 70 million by 2023. Similarly, Indian IPTV market is expected to growat an annual growth rate of 11% and reach $12.3 billion by 2018. It is further expected to reach $16.4billion by 2023.

The companys Digital TV services segment offers digital broadcasting services provided under thedirect-to-home (DTH) platform. The company currently offers a total of 400 channels and services,including 19 HD channels, six games and three interactive services. In addition, the company added25 vernacular channels across languages such as Bengali, Tamil, Telugu, and Oriya, among others.Further, in October 2014, Airtel digital TV entered into a partnership with Samsung and launchedIntegrated Digital TV (iDTV). As part of this, Samsungs range of SmartDirect TVs will be equippedwith an in-built Airtel digital TV Smart Card. Similarly, in May 2014, Airtel digital TV launched DisneyFamily Movies, an English subscription video on demand (SVOD) service.

The positive outlook for the DTH and IPTV markets in India would provide the company the opportunityto increase its market share and enhance its topline in future.

Untapped markets of India and Africa

Indian mobile market although large has significant scope for expansion especially in rural India.During FY2014, the country had a mobile penetration rate of just over 75.2%. The market can beconsidered to be relatively underpenetrated compared to the developed world standards where thepenetration rate is over 100%. Further, rural penetration, though increasing is quite low. Consequently,there is a large room for subscriber growth in India. Similarly, in Africa, the mobile penetration ratewas at 75% by mid-2014, which also indicates a large scope of growth. Further, the mobile penetrationin sub-Saharan Africa is expected to reach 79% by 2020. Although growth in African countries isimpacted by the low purchasing power, the low penetration rates suggest long term growth. Largeuntapped markets of India and Africa provide strong opportunities for the company.

Threats

Intense competition

The competition is intense in the Indian market with seven national players.This is too high comparedto global standards. Additionally, the Indian customers are highly price sensitive and consequentlythe telecom service providers have limited pricing power. The telecommunications market is highlycompetitive and includes several players including Idea Cellular, Bharat Sanchar Nigam, Vodafone,



Tata Teleservices and Reliance Communications. Also, the presence of several competitors intensifiesthe competition for the spectrum auction. This may increase the costs to buy the spectrum whichmay further pressurize margins.The company's African operations also witnessed severe competition.The competitive pressures in Indian and African markets may affect the market share and pressurizethe company's margins.

Alternate technologies may impact the company's business

The emerging alternative messaging and voice calling technologies may negatively impact thecompany's voice business. For instance, over the top (OTT), Voice over Internet Protocol (VoIP)services, such as WhatsApp and Viber, have been witnessing a strong growth due to the emergenceof low cost smart phones and the emergence of cheap data plans. According to industry estimates,these messaging services may result in a loss of nearly $3.1 million in text messaging revenue by2016. In addition, these messaging services also offer calling features which would negatively impactthe voice revenues of telecom operators. Skype, which has 280 million active users, may result ina loss of $36.5 billion in revenue every year for the telecom operators.

Furthermore, it is estimated that WhatsApp, which has a dominant share of the OTT market with52% of mobile users, may result in a decline in the subscriber trunk dialing (STD) caller's subscriberbase for telecom operators. In addition, the increasing proliferation of smartphones may lead to anincrease in the demand for the alternative technologies. Though these alternative technologiesgenerate data revenues for telecom operators, it would not enable the telecom operators suffice thedecline in voice revenues.

The growing usage of alternate technologies may lead to a decline in the company's voice customerbase and negatively impact its market share and results of operations.



TOP COMPETITORS

The following companies are the major competitors of Bharti Airtel Limited

Vodafone Group PLCReliance Communications LtdBharat Sanchar Nigam Ltd.Idea Cellular Ltd.Tata Teleservices Limited


Bharti Airtel LimitedTop Competitors

COMPANY VIEW

A statement by Sunil Bharti Mittal, the Chairman at Bharti Airtel is given below. The statement hasbeen taken from the companys 2014 annual report.

Dear Shareholders,

In the wake of tepid growth in the US and Europe, emerging and developing markets experiencedsignificant challenges, particularly in the shape of currency fluctuations. India, in particular, had atough year with decelerating GDP growth and persistent inflationary pressure. Africa, the othersignificant economic region for us registered accelerated recovery during the year from the globalcrisis induced by last years Euro debt problem.

Notwithstanding this economic turbulence, global telecommunications continued to generate plentyof excitement. The tectonic shift towards data and internet gained momentum on the back ofaccelerated smartphone penetration and data tariff rationalisation. While more than 28% of our totalbase in India comprises active data customers, the corresponding number exceeds 32% in Africa.The fact that data traffic nearly doubled during the year clearly points to the big change in revenuediversification underway in these markets for us.

Mobile money is turning out to be one of the most transformational tools to come out of operatorsbaskets in Asia and Africa. With 1.7 Mn active airtel money accounts during Q4, we have made arobust take off in India even though the regulatory environment is still not settled and hence, doesnot support rapid penetration. In comparison, Africa appears to be a far more evolved market with3.5 Mn customers. With a total transaction value of USD 2.2 Bn during Q4 in Africa, I am extremelyoptimistic about the growth of this platform on the continent.

In India, we successfully participated in the February 2014 auction for spectrum in the 900 MHz andthe 1,800 MHz bands, which helped renew some of our early licences in the country. Theseacquisitions are in line with our strategy of building a robust network for the future and enhancingour leadership position in the fast growing data segment. We further reiterated our commitment toa data-centric future as we completed the acquisition of Qualcomms 4G licences in four circles inIndia.

In-country market consolidation through inorganic expansion is a key element of our business strategyin Africa.The Company consolidated its market leadership in Uganda and Congo Brazzaville duringthe year through its acquisition of Warid Telecoms operations in these countries. It gives me immensepleasure to inform you that we have become the second largest operator in Nigeria, which overtookSouth Africa as the largest economy in the continent.

We ushered in several changes in the top leadership and organisational profile in both the regions.While Gopal Vittal was designated MD & CEO India and South Asia, Christian de Faria took overall


Bharti Airtel LimitedCompany View

responsibilities for African markets from Manoj Kohli, who has relocated to India after leading ourforay on the continent over the last three years.

The Company raised equity capital of Rs.67,956 Mn from M/s.Three Pillars Pte Ltd., an arm of QatarFoundation Endowment through a preferential allotment. Similarly, our wholly owned subsidiary,Bharti Airtel International (Netherlands) BV successfully completed several rounds of overseas longdated bond issues across USD, EUR and CHF to raise equivalent of USD 5.3 Bn till date on extremelyfavourable terms.

Our commitment to corporate governance received global recognition during the year whenTransparency International, the globally reputed civil society organisation ranked Bharti Airtel fourthamong the top 100 emerging market multinationals in a study on corporate transparency and reporting.

The Company Board also went through changes during the year. While Pulak Prasad and NikeshArora departed the Board after their long and productive association, four new members - SheikhFaisal Thani Al-Thani, Ben Verwaayen, V. K. Viswanathan and D. K. Mittal joined us during thisperiod. Even as I welcome the new members to the Board, I take this opportunity to express mysincere gratitude to Pulak and Nikesh for their meaningful contribution towards the success of theCompany.

The scope of our philanthropic School Programme in India was expanded during the year to includenew initiatives like Learning Centres and School Quality Support to reach out to an additional 9,900students over and above over 38,000 students we are currently catering to across 254 schools underthe flagship Satya Bharti School Programme. In Africa, the Our School Programme is now reachingout to nearly 24,000 students in 45 schools across 17 countries.

Telecom is at the cusp of a transformational change. Accelerated data consumption by a youthfulpopulation is going to be the underlying story of this sector in the future. Our sustained investmentsfor licensing spectrum, network expansion and strategic acquisitions in different markets positionsus well for accruing incremental dividends in this evolving growth story.


Bharti Airtel LimitedCompany View

LOCATIONS AND SUBSIDIARIESHead OfficeBharti Airtel LimitedBharti Crescent1 Nelson Mandela RoadVasant Kunj Phase IINew Delhi 110 070INDP:91 11 4666 6100F:91 11 4666 6411http://www.airtel.in

Other Locations and Subsidiaries

Bharti Airtel LtdBharti Airtel Limited Mobile ServicesPlot No. 21Plot No.-16Rajiv Gandhi Technology ParkUdyog ViharChandigarh - 160 101Phase IVPunjabGurgaon 122015INDDelhi

IND

Bharti Airtel LtdBharti Airtel LimitedBlock No. 11 AB38/C1SDA ComplexSector 57KasumptiNoida- 201301Shimla 171 009Uttar PradeshHimachal PradeshINDIND

Bharti Airtel LimitedBharti Airtel LimitedOceanic TowersAnsari Complex8th FloorSonwar101 Santhome High RoadSrinagarChennai 600 028Jammu & Kashmir 190 001Tamil NaduINDIND


Bharti Airtel LimitedLocations and Subsidiaries

Bharti Airtel LimitedBharti Airtel LimitedInfocity CampusInfinity Building6th Floor E-13/17th FloorChandak Industrial EstateSalt Lake Electronics ComplexChandrasekharpur Bhubaneshwar-751024Kolkata-700091OrissaWest BengalINDIND

Bharti Airtel Ltd.Bharti Hexacom Ltd.Bharti HouseModrina MansionSix mile Khanapara1st FloorGuwahati - 781022Laitumukrah Main RoadAssamShillong - 793003INDIND


Bharti Airtel LimitedLocations and Subsidiaries

MARKETLINE | 119 FARRINGDON ROAD | LONDON, UNITED KINGDOM, EC1R 3DAT: +44 161 238 4040 | F: +44 870 134 4371 | E: [email protected] | W: www.marketline.com

Company OverviewKey FactsBusiness DescriptionHistoryKey EmployeesKey Employee BiographiesMajor Products and ServicesRevenue AnalysisSWOT AnalysisTop CompetitorsCompany ViewLocations and Subsidiaries

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