header logo
සිංහලதமிழ்
Vallibel FD
vallible LE
Latest
Mukesh Ambani’s Jio Platforms may invest in Sri Lanka Telecom - report
Jan 15, 202411:12 PM
Google NewsAdd on Google
Mukesh Ambani’s Jio Platforms may invest in Sri Lanka Telecom - report
Mobitel inner 1278

Indian billionaire Mukesh Ambani has plans to expand his horizons in the telecommunications business through his firm Jio Platforms, expressing interest in buying stake in Sri Lanka Telecom PLC, the state-owned telecom company, Indian media reported.

 

The Sri Lankan government has been struggling with the cash-strapped Telecom PLC, as current authorities continue to push for privatisation of many sectors to revive the economy amid the recent financial crisis.

 

Sri Lankan government had invited applications from potential bidders for Sri Lanka Telecom PLC by November 10, and Mukesh Ambani’s Jio Platforms was one of three companies that expressed interest in buying the stake of the firm, reported Moneycontrol. 

 

The Sri Lankan government on January 12 issued a press release where it named Jio Platforms as one of the potential bidders for their government telecom company. Apart from Jio, the other two companies in the running are Gortune International Investment Holding Ltd and Pettigo Comercio International LDA.

 

The press release further said that the proposals by the company will be “evaluated as per the Special Guidelines on Divestiture of State-Owned Enterprises approved by the Cabinet of Ministers.”

 

Sri Lanka has been mandated by the International Monetary Fund (IMF) to push for the privatisation of all the non-core sectors in the country, in order to pull the Sri Lanka out of the deep cash shortage that triggered the anti-government protests in 2022.

 

With the Sri Lankan investment, Reliance’s Jio Platform is hoping to enter and dominate the global telecom market. Currently, Jio is market leader among all Indian telecom service providers.

 

Latest figures released by Telecom Regulatory Authority of India (TRAI) showed that Jio added 31.59 lakh mobile users in October 2023, significantly more that top competitor Bharti Airtel.

 

Recently, Reliance and Jio shares rallied on the stock market after Mukesh Ambani’s investment announcements at Vibrant Gujarat Summit 2024 in Gandhinagar last week. The jump in shares led to Mukesh Ambani reclaiming the spot of the richest person in Asia.

 

Source: Hindustan Times

 

--Agencies

 

 

 

Disclaimer: All the comments will be moderated by the AD editorial. Abstain from posting comments that are obscene, defamatory or slanderous. Please avoid outside hyperlinks inside the comment and avoid typing all capitalized comments. Help us delete comments that do not follow these guidelines by flagging them (mouse over a comment and click the flag icon on the right side). Do use these forums to voice your opinions and create healthy discourse.

Comments

0
Comments are disabled

Note: Due to legal constraints, the Ada Derana Editorial team has taken a decision to disable comments on all articles concerning ongoing court procedures.

MostRead
Mobitel 1278
VideoStories
PSTA draws widespread opposition from civil groups; Several protests planned against the Bill

PSTA draws widespread opposition from civil groups; Several protests planned against the Bill

Parliament heated over no-confidence motion against Speaker; SJB stages protest within the chamber

Parliament heated over no-confidence motion against Speaker; SJB stages protest within the chamber

Namal Rajapaksa granted bail in Krrish bribery case based on exceptional circumstances by court

Namal Rajapaksa granted bail in Krrish bribery case based on exceptional circumstances by court

"PSTA will cause serious damage to the country" Opposition says PSTA an attempt to suppress dissent

"PSTA will cause serious damage to the country" Opposition says PSTA an attempt to suppress dissent

Crowds flock to IRD offices amid new TIN requirement; IRD urges public to avoid unnecessary visits

Crowds flock to IRD offices amid new TIN requirement; IRD urges public to avoid unnecessary visits

More opposition against new security bills Govt too incompetent to govern the country – Sajith

More opposition against new security bills Govt too incompetent to govern the country – Sajith

Prices of petrol and diesel increased; Bus, three-wheeler and other TUs dismayed by fuel price hike

Prices of petrol and diesel increased; Bus, three-wheeler and other TUs dismayed by fuel price hike

Govt promises substantial relief through Budget; Opposition says govt continuing to increase taxes

Govt promises substantial relief through Budget; Opposition says govt continuing to increase taxes

No fuel price revision for November? Public turns to social media amid shortage of LP gas

No fuel price revision for November? Public turns to social media amid shortage of LP gas

Sri Lanka's tax arrears near Rs. 2.1 trillion IMF calls for reforms citing collection challenges

Sri Lanka's tax arrears near Rs. 2.1 trillion IMF calls for reforms citing collection challenges

Policymakers must ensure equal access to AI - SCU Vice-Chancellor Prof. Tyrone Carlin on Hyde Park

Policymakers must ensure equal access to AI - SCU Vice-Chancellor Prof. Tyrone Carlin on Hyde Park

Courts must be independent and ensure governments act within the law - SC Justice Yasantha Kodagoda

Courts must be independent and ensure governments act within the law - SC Justice Yasantha Kodagoda

Taxpayer Identification Number to be mandatory for certain transactions from Nov. 1

Taxpayer Identification Number to be mandatory for certain transactions from Nov. 1

16-year-old hospitalised with gunshot wounds after police fire on three-wheeler in Kadawatha

16-year-old hospitalised with gunshot wounds after police fire on three-wheeler in Kadawatha

'Kassapa Thero and I visited the hotel on separate days'- Sarath Weerasekara responds to controversy

'Kassapa Thero and I visited the hotel on separate days'- Sarath Weerasekara responds to controversy

Lassana Flora