After Upending Indian Telecom Market, Reliance Eyes Bidding for UK Telecom Giant

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After Upending Indian Telecom Market, Reliance Eyes Bidding for UK Telecom Giant
Credit: © Reuters.

By Malvika Gurung

Investing.com -- In what could turn out as the largest outbound mergers and acquisitions involving an Indian company, Mukesh Ambani-led Reliance Industries (NS: RELI ) is known to have set its eye on the UK market, thereby expanding its telecom arm Reliance Jio’s footprint.

As per an ET report, RIL is considering an offer for the UK telecoms group BT Group PLC (LON: BT ), formerly British Telecom, where it could either make an unsolicited offer to buy into the company or try acquiring a controlling share in the British telecom major.

According to sources privy of the matter, Reliance Industries could also propose partnering with the company’s networking or fibre optic arm Openreach and provide funding for its expansion plans, despite BT discarding earlier plans of entertaining any financial or strategic JV for this program.

However, these discussions are currently in early stages and may not lead to a successful transaction, state sources. BT Group (LON: BT ), with a market capitalization of $20.63 billion provides fixed-line telecom services with a footprint of 40% in the UK.

In September 2021, Reliance was outbid by a private equity consortium of Apax Partners and Warburg Pincus for control over a Dutch unit of T-Mobile.

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  • Umesh Rindani @Umesh Rindani
    The price action of Reliance should confirm how much have the discussions progressed
    Like 0

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