Mukesh Ambani's Reported Interest In BT Telecom Sees Stock Up 9%
Shares in BT jumped 9 per cent on Monday after a report in The Economic Times said Reliance Industries was weighing a bid for the British telecoms group. Oil-to-telecoms conglomerate is considering an offer for British telecom company BT Group Plc, the Economic Times reported on Monday, citing sources familiar with the matter.
Billionaire Mukesh Ambani's Reliance might make an unsolicited offer to buy into BT Group or try to get a controlling share in it, the report said, adding that the firm may also propose to partner with BT's fibre optic arm Openreach and fund its expansion plans.
Reliance declined to comment on the report, while BT did not immediately respond to a request for comment.
India's telecoms market, one of the world's biggest, has been upended by Ambani-controlled Jio Infocomm, which launched with free voice and cut-price data in late 2016.
Mr Ambani has forced several rivals out of the market while others such as the local unit of Britain's Vodafone and India's Idea merged to withstand Jio's onslaught.
In September, Reliance was outbid by a consortium of Apax and Warburg Pincus for control over a Dutch unit of T-Mobile.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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