November 29, 2021
2 mins read

Reliance mulls bid for controlling stake in British Telecom

The ET report quoting unnamed sources said the deliberations are early stage and may not occur eventually. It remains unclear if Ambani has met the top management of BT, CEO Philip Jansen and outgoing chairman Jan du Plessis…reports Asian Lite News.

Reliance Industries Ltd (RIL) is mulling a potential bid for the UK-based telecommunications giant British Telecom (BT), is an indication of Mukesh Ambani’s plans to take Jio global. Out of 419 institutional investors in the UK company, some may cash out for the right offer.

RIL is expected to make an unsolicited offer to buy a stake into the company or even stake a claim for a controlling share in the company, according to an Economic Times report.  

RIL may alternatively propose to partner with BT’s optic arm Openreach and fund its expansion plans. BT, however, earlier said it was junking plans to get a financial or strategic joint venture partner. It said the company would fund its expansion plans itself. The market capitalisation of the FTSE 100 company was $20.63 billion as of November 26. If RIL plans to go through with the deal, it would be the biggest such outbound mergers & acquisitions deal by an Indian company.

The ET report quoting unnamed sources said the deliberations are early stage and may not occur eventually. It remains unclear if Ambani has met the top management of BT, CEO Philip Jansen and outgoing chairman Jan du Plessis.

The development comes close on the heels of Ambani’s conglomerate being outbid by a PE consortium comprising Apax Partners and Warburg Pincus which scooped up T-Mobile’s Dutch unit for Rs 43,329 crore. The bid was indicative of RIL’s global telecom aspirations. The billionaire has been shunting between Mumbai and London where he recently bought the iconic Stoke Park estate for £57 million.

BT is one of the UK’s biggest telecommunications and network providers. It has a presence in 180 countries and is the incumbent operator of fixed-line telecom services in the UK. It also offers fibre broadband, IP TV, television and sports broadcasting and mobile services.

Analysts accuse the company of holding on to its bureaucratic legacy since the 1980s when it was privatised. The company’s stock has fallen 53% in 5 years, touching an 11-year low in 2020-21.

ALSO READ-ADNOC, Reliance sign pact for chemical project

Previous Story

Tens of thousands without power in storm’s wake

Next Story

S. Africa condemns travel ban over Omicron

Latest from -Top News

Protests across US against Trump

The largest event was at the National Mall in DC, where demonstrators numbered in the tens of thousands People across the US took to the streets on Saturday to oppose what left-leaning

Namibia voices concern over US tariffs

AGOA is a non-reciprocal trade arrangement aimed at supporting development in African countries through preferential access to US markets The Namibian government has expressed concern over newly imposed US tariffs, warning that

Africa CDC calls for self-reliance

Data from the African Union’s specialised healthcare agency show that the continent, over the past 24 months, has witnessed an “unprecedented surge in public health emergencies,” rising from 152 disease outbreaks in

US to revoke all South Sudan visas

Trump’s administration has taken aggressive measures to ramp up immigration enforcement, including the repatriation of people deemed to be in the US illegallyThe US said on Saturday it would revoke all visas

Panama wants ‘respectful’ ties with US

The US State Department said Landau had “expressed gratitude for Panama’s cooperation in halting illegal immigration and working with the US to secure a nearly 98% decrease in illegal immigration Panama hopes
Go toTop