https://sputniknews.in/20240115/ambani-to-invest-in-cash-strapped-sri-lankan-telecom-company-6209161.html
Ambani to Invest in Cash-Strapped Sri Lankan Telecom Company
Ambani to Invest in Cash-Strapped Sri Lankan Telecom Company
Sputnik India
Mukesh Ambani, who recently reclaimed the spot of the richest person in Asia, is one of three bidders who plan to invest in Sri Lanka Telecom PLC.
2024-01-15T16:23+0530
2024-01-15T16:23+0530
2024-01-15T16:24+0530
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Mukesh Ambani-owned Reliance's telecom arm Jio Platforms is planning to invest huge sums in Sri Lanka's state-backed telecom company Sri Lanka Telecom PLC.The Sri Lankan government, which has been pushing for privatization of several sectors to revive the economy, had invited applications from potential bidders for Sri Lanka Telecom PLC by November 10, the report said, adding that Ambani's Jio Platforms was one of three companies that expressed interest in buying a stake of the firm.According to the statement, the proposal from the Indian company will be "evaluated as per the Special Guidelines on Divestiture of State-Owned Enterprises approved by the Cabinet of Ministers."According to the latest figures of the Telecom Regulatory Authority of India (TRAI), Jio added 3.16 million mobile users in October 2023 — far more than top competitor Bharti Airtel.
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Ambani to Invest in Cash-Strapped Sri Lankan Telecom Company
16:23 15.01.2024 (Updated: 16:24 15.01.2024) Mukesh Ambani, who recently reclaimed the title of richest person in Asia, is one of three bidders who plan to invest in Sri Lanka Telecom PLC.
Mukesh Ambani-owned Reliance's telecom arm Jio Platforms is planning to invest huge sums in Sri Lanka's state-backed telecom company Sri Lanka Telecom PLC.
The Sri Lankan government, which has been pushing for privatization of several sectors to revive the economy, had invited applications from potential bidders for Sri Lanka Telecom PLC by November 10, the report said, adding that Ambani's Jio Platforms was one of three companies that expressed interest in buying a stake of the firm.
In an official release on January 12, the Sri Lankan government named Jio Platforms as one of the potential bidders for their government telecom company. Apart from Jio, the other two bidders were Gortune International Investment Holding Ltd and Pettigo Comercio International LDA, they added.
According to the statement, the proposal from the Indian company will be "evaluated as per the Special Guidelines on Divestiture of State-Owned Enterprises approved by the Cabinet of Ministers."
According to the latest figures of
the Telecom Regulatory Authority of India (TRAI), Jio added 3.16 million mobile users in October 2023 — far more than top competitor Bharti Airtel.
