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In 1998 they were the first to make a profit from their services in India. As Bharti continued to grow they began gaining licenses for mobile telecom operations in 15 out of 23 geographical regions also called circles. Bharti expected to achieve full cover in India by 2005. .” (Applegate, Austin, & Soule)
When Bharti went public in 2002 with the India National stock exchange they raised $172 million and by the end of 2002 they raised over $1 billion through direct investments.
Bharti was faced with many competitors by 2002 and 2003. The total Indian telecom revenue was “8.5 billion and growing rapidly at 17 percent per annum...
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