Mukesh Ambani is taking his telecom playbook to Sri Lanka
Jio Platforms, the telecom arm of Reliance Industries, has expressed interest in buying a stake in Sri Lanka Telecom PLC, the state-owned telecommunication company.
The financially-stressed Sri Lankan government is looking to privatize several sectors of the economy to raise money. Colombo had invited proposals from potential investors from November 10.
Post the deadline on January 12, the Sri Lankan government issued a press release, naming Jio Platforms, Gortune International Investment Holding Ltd, and Pettigo Comercio International LDA as the three potential bidders, adding that proposals will be “evaluated as per the Special Guidelines on Divestiture of State-Owned Enterprises approved by the Cabinet of Ministers”.
The island nation is also mandated by International Monetary Fund (IMF) programmes to push for privatization of non-core sectors.
With Sri Lanka Telecom, Jio is eyeing a strategic foothold in the neighboring market.
Brokerage BofA has pegged Jio Platforms’s valuation at $107 billion. BofA in a note said it expects Jio Platforms to continue adding subscribers this year while making deeper inroads with its advanced feature phone JioBharat and wireless broadband device JioAirFiber.
Latest Headlines in Sri Lanka
- Public Health Inspector (PHI) shot dead in Elpitiya February 26, 2024
- Sri Lanka’s justice minister assures presidential election scheduled for 2024 February 26, 2024
- Wanindu Hasaranga suspended for two matches, fined February 25, 2024
- Parliamentary committees summon CBSL officials over 70% salary increase February 25, 2024
- STF arrests Army Corporal over Mahabage shooting that killed “Ukkuwa” February 24, 2024