Reliance Jio qualifies to bid for Sri Lanka Telecom

The Sri Lankan authorities stated on Wednesday it has pre-qualified Jio Platforms, a unit of India’s Reliance Industries Ltd, and Gortune Worldwide Funding Holding, to bid for stake in Sri Lanka Telecom.

That is a part of Sri Lanka’s efforts to cut back authorities stake in state-owned corporations below the $2.9-billion Worldwide Financial Fund (IMF) programme. Colombo had invited functions from potential bidders for Sri Lanka Telecom PLC by November 10, and Mukesh Ambani’s Jio Platforms was one in all three corporations that expressed curiosity in shopping for stake of the agency

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The Sri Lankan authorities,. on January 12, issued a press launch the place it named Jio Platforms as one of many potential bidders for his or her authorities telecom firm. Aside from Jio, the opposite two corporations within the operating are Gortune Worldwide Funding Holding Ltd and Pettigo Comercio Worldwide LDA.

If profitable, this would be the first fully-fledged telecom unit abroad for Reliance Jio. Reliance had evaluated enlargement in Estonia in 2018; nevertheless, it solely has a analysis subsidiary within the nation thus far.

Of the 2 totally homegrown Indian telcos, Airtel is the one one to have international operations, primarily in East, Central and West Africa.