Asia's richest businessman Mukesh Ambani can buy a large stake in the British telecom company. According to the news, Reliance Industries Limited (RIL) may bid to buy a stake in UK telecom company British Telecom (BT).
BT Group is better known as British Telecom. This move of Mukesh Ambani is being seen as a stepping stone for Jio abroad. Some of the 419 institutional investors of UK-based BT Telecom may sell their stake in the company for the right offer.
Discussion is in the early stages
According to the news of ET, Reliance Industries can claim to buy a stake in BT Company. Also, there may be an offer from BT Group to buy a stake in the company. However, earlier BT Group's plan to create a strategic stake in the company has been scrapped. The company had said that it would fund itself to expand its plans. Discussions on stake purchase between Reliance Industries and BT Group are in the early stages.
What is BT Group
BT is one of the largest telecommunications companies and network providers in the UK. This company makes its presence present in about 180 countries of the world. It is also the current operator of the UK fixed line telecom service. It also provides fiber broadband, IP TV, television and sports broadcasting and mobile services.
Preparing for Jio's expansion abroad
Mukesh Ambani has been preparing for the expansion of Jio abroad for a long time. This isn't the first time. About two months ago, Reliance also made a bid to buy the Dutch unit of T-Mobile. However, he failed to buy a stake in T-Mobile. But it is clear that Jio wants to expand its business abroad. Reliance Industries' buying stake in BT Group is being linked to Jio's expansion.
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