Bharti Group eyes $10 bln revenue by 2010

New Delhi, Nov 3 (UNI) Bharti Enterprises Ltd, which controls the country's largest mobile company, today said it expects to achieve 10 billion dollar revenue by 2010, as the group is expanding its new businesses such as agriculture, financial services and retail.

''Telecom is one solid business in our group now. But it's time to get the momentum going in our other businesses,'' Bharti Enterprises Chairman Sunil Mittal told reporters here.

He said his group intended to reach 10 billion dollars in annual revenue by 2010 from 6.2 billion dollars at end-March 2008.

Mr Mittal said the group would like to cut its dependency on telecoms to about 50 per cent in five years from 85 per cent currently.

After telecom, retail is expected to be the biggest contributor to the group's revenue, he said, without giving a timeframe.

Bharti Retail Ltd, a unit of Bharti Enterprises Ltd, had started its retail operations in Punjab in April. It runs about 12 stores currently.

''There is no slowdown as far as our retail plans go. Small stores are already open. In December, we will open a medium-sized format,'' Bharti Enterprises Managing Director Rajan Mittal said.

While the smaller neighborhood format stores range between 2,500 square feet and 4,000 square feet, Mr Mittal said the medium-sized stores will measure about 40,000 square feet.

Bharti Enterprises has a cash-and-carry joint-venture with world's top retailer Wal-Mart.

Mr Mittal said it will open its first store under its joint venture with Wal-Mart by the end of March 2009.

On the growing number of entrants in the Indian telecom market, Mr Mittal said, ''I still believe it's not a market for so many players. There has to be consolidation.'' UNI SBA MP CS1917