Shares in BT jumped 9 percent on Monday as Reliance Industries weighed in on a bid for British Telecom Group, The Economic Times reported. Oil-to-Telecom Group is considering an offer for British telecom company BT Group PLC, the Economic Times reported on Monday, citing sources familiar with the matter.
Billionaire Mukesh Ambani may make an unsolicited offer to buy Reliance BT Group or seek a regulatory stake in it, the report said, adding that the firm may also partner with BT’s Fiber Optic Arm Openrich and finance its expansion plans.
Reliance declined to comment on the report, while BT did not immediately respond to a request for comment.
The Indian telecom market has been boosted by Ambani-controlled Geo Infocomm, one of the largest in the world, launched in late 2016 with free voice and cut-price data.
Mr Ambani has pushed a number of rivals out of the market, while others have joined forces to counter attacks by local units such as Britain’s Vodafone and India’s Idea Geo.
In September, Reliance bid through a consortium of Apax and Warburg Pincus for control of a Dutch unit of T-Mobile.
(This story was not edited by NDTV staff and was automatically generated from a syndicated feed.)