Indian oil-to-telecoms conglomerate Reliance Industries Ltd is contemplating a suggestion for British telecom firm BT Group Plc, the Economic Times reported on Monday, citing sources accustomed to the matter.
Billionaire Mukesh Ambani’s Reliance would possibly make an unsolicited supply to purchase into BT Group or attempt to get a controlling share in it, the report stated, including that the agency can also suggest to accomplice with BT’s fibre optic arm Openreach and fund its enlargement plans.
Reliance declined to touch upon the report, whereas BT didn’t instantly reply to a request for remark.
India’s telecoms market, one of many world’s largest, has been upended by Ambani-controlled Jio Infocomm, which launched with free voice and cut-price knowledge in late 2016.
Ambani has pressured a number of rivals out of the market whereas others such because the native unit of Britain’s Vodafone and India’s Concept merged to face up to Jio’s onslaught.
In September, Reliance was outbid by a consortium of Apax and Warburg Pincus for management over a Dutch unit of T-Cell.
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