Mukesh Ambani intends to broaden his horizons in the telecoms market through his firm Jio Platforms, indicating an interest in acquiring a share in Sri Lanka Telecom PLC, the neighbouring country’s state-owned telecom provider. The Sri Lankan government has been grappling with the cash-strapped Telecom PLC, as current authorities continue to push for the privatisation of various industries to stimulate the economy in the wake of the recent financial crisis.
Colombo had solicited applications from possible bidders for Sri Lanka Telecom PLC by November 10. Mukesh Ambani’s Jio Platforms was one of three businesses that indicated interest in purchasing a share in the company, according to Moneycontrol.
On January 12, the Sri Lankan government published a press statement naming Jio Platforms as one of the prospective bidders for their government-owned telecom provider. Apart from Jio, the other contenders are Fortune International Investment Holding Ltd and Pettigo Comercio International LDA.
The news statement also stated that the company’s bids will be “evaluated as per the Special Guidelines on Divestiture of State-Owned Enterprises approved by the Cabinet of Ministers.” The International Monetary Fund (IMF) has authorised Sri Lanka to push for privatising all non-core industries to get the country out of the grave financial constraint that precipitated the anti-government riots in 2022.