30th Nov 2021 06:48
(Alliance News) - Reliance Industries Ltd late Monday said it had no intention of making any bid for BT Group PLC, denying a report by Indian newspaper the Economic Times.
"We categorically deny any intent to bid for the UK telecoms group, BT, formerly British Telecom," the Mumbai-based conglomerate said in statement.
"The article is completely speculative and baseless," Reliance added.
On Monday, the Economic Times, citing people familiar with the matter, said that Reliance was looking to either make an unsolicited offer to buy into BT or try to take a controlling stake. Alternatively, it would look to partner with BT's fibre optic arm Openreach and fund its expansion plans.
Reliance shares were down 0.6% at INR2,427.05 on Tuesday in Mumbai. BT had closed 6.1% higher at 163.40 pence on Monday in London, following the newspaper report.
By Dayo Laniyan; [email protected]
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