Mukesh Ambani interested in buying stake in SLT

Mukesh Ambani interested in buying stake in SLT

The top three bidders who have indicated interest in purchasing a stake in Sri Lanka Telecom PLC, a government-owned telecommunications company, include Mukesh Ambani’s Jio Platforms.

According to a press release issued by the Sri Lankan Government, Jio Platforms, Gortune International Investment Holding Ltd, and Pettigo Comercio International LDA are the top three bidders for Sri Lanka Telecom PLC. As per WSJ, Sri Lanka Telecom PLC market cap is approx Rs 4000 crore.

Mukesh Ambani never misses an opportunity to expand his business; Reliance Industries has always been involved in ongoing mega deal races, and now Mukesh Ambani has his sights set on Sri Lankan telecom company PLC. According to Business Today, on November 10, 2023, Sri Lanka proposed an offer to buy a stake in a government-owned telecom company PLC.

Jio Platforms, Global Telecommunications Holdings of Amsterdam, and Pettigo Comercio International LDA are the three potential bidders vying for a stake of Sri Lankan Telecom Company PLC. Currently, the government owns 49.5 percent of the company, while Global Telecommunications Holdings of Amsterdam owns 44.9 percent.

Jio already leads the Indian telecom market, and by acquiring a stake in a government-owned telecom, it may be able to expand its telecom services in neighbouring markets as well.

Reliance Jio Infocomm is a well-known telecommunications company in India. Akash Ambani, the son of Mukesh Ambani, serves as the company’s chairman. According to Statista, Reliance Jio brought in Rs 119700 crore in revenue in FY23. (DNA India)

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