Bharti, located in New Delhi, is a leading operator of telecommunication services businesses in India. Bharti's primary assets include national and international long distance licenses, cellular licenses in four metropolitan cities and 11 states and fixed line licenses in five states. When Warburg Pincus met with Sunil Mittal, the Chairman of Bharti, in November 1998, the company had two cellular licenses and one fixed line license, and was one of the smallest telecom companies in the country. Between September 1999 and July 2001, Warburg Pincus invested $292 million to finance Bharti's growth through acquisition and expansion of existing properties. Since the initial investment in Bharti in September 1999, it has become the largest private sector telecom company in India and has undergone a number of changes. First, the company has formulated a focused acquisition strategy, acquired three companies and successfully won bids for 15 new licenses. Second, all the key support functions and processes (like human resources, finances, marketing and technology) have been strengthened, with experienced professionals heading these functions. Lastly, in spite of tough market conditions, the company made a successful initial public offering on the Indian stock exchanges in February 2002 and raised $172 million.

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