Saturday, Jan 22, 2022
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Reliance Industries Deny Intent To Bid For U.K-Based Telecom Group, BT

Reliance Industries said that reports claiming it intended to bid for the U.K telecom operator, BT were "speculative and baseless".

Reliance Industries Deny Intent To Bid For U.K-Based Telecom Group, BT
Reliance Industries Deny Intent To Bid For U.K-Based Telecom Group, BT -

Reliance Industries clarified on Monday that it held no intention to bid for the U.K. telecom operator, BT (formerly, British Telecom). The company said media reports claiming its resolve to bid for the telecom operator were "speculative and baseless". 

"We expect greater diligence and verification of facts before publishing such articles," the company stated. 

Media reports, citing sources familiar with the matter, stated that the Reliance Industries chief was looking to make an unsolicited offer to buy the U.K.-based company or partner with its fibre internet provider, Openreach. This was postulated as potentially the largest outbound deal by an Indian company. 

The report added that the development came two months after the company was outbid by a private equity consortium of Apax Partners and Warburg Pincus for North American telecom operator, T-Mobile's Dutch arm. As per the report, the deal was worth Rs 43,329 crore according to the existing conversion rate. 

Earlier in November, the company had to issue a clarification that Chairman Mukesh Ambani and his family have no plans to relocate to the U.K. or anywhere else in the world. The clarification came after a news report claimed that the Ambani family had acquired Stoke Park estate in London and plans to relocate there. The company said the speculations were "unwarranted and baseless".

The conglomerate had clarified that its subsidiary, Reliance Industrial Investments and Holdings Limited, acquired the heritage property to revamp it into a premier golfing and sporting resort. It added that the transaction was fully compliant with the planning guidelines and local regulations.

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