Jio Paltforms, India's largest telecom operator, has expressed interest in acquiring the govt stake in Sri Lanka Telecom PLC. Due to the weak financial situation of the govt as well as the telecom operator, Sri Lanka is looking to aggressively privatise state-owned companies. This will help the country in generating jobs and also improve the economy gradually. Jio Platforms, expected to go independent with an IPO (Initial Public Offer) shortly, is looking to invest in an international telecom company.
Read More - Jio is Offering Ajio, Swiggy and More Benefits with Republic Day Offer
As per a MoneyControl report, Colombo had invited proposals from potential investors from November 10 onwards for its stake in the Sri Lanka Telecom PLC. According to a recent press release from the Sri Lanka government, Jio Platforms is one of the three potential bidders that has expressed interest in acquiring a stake in the national telecom service provider.
Currently, Sri Lanka's Secretary to the Treasury holds over 49.5% stake in the company, whereas, the Amsterdam-based Global Telecommunications Holdings owns 44.9%. The remaining stake, which is a very small one, is held by the public. Jio already has the market of scaling a telecom company from scratch to becoming the largest service provider in a nation like India, where the statutory dues and the regulatory framework aren't easy to deal with.
Read More - Gujarat is Completely 5G Enabled: Mukesh Ambani
Jio's interest in Sri Lanka Telecom Plc also shows the company's intention of growing big not only in India but also internationally. Reliance Industries is set to announce quarterly results on Jan 19, 2024. Jio is the leading telecom operator in terms of wireless subscriber market share in India, followed by Bharti Airtel in the second position. Jio has more than 450 million wireless subscribers under its portfolio, and the numbers continue to grow every quarter that goes by.
