The largest telecom company in India, Jio Paltforms, has indicated interest in purchasing the government’s holding in Sri Lanka Telecom PLC. Due to the government’s and the telecom company’s poor financial situations, Sri Lanka is actively seeking to privatize state-owned businesses. This will assist the nation in creating jobs and progressively strengthening its economy. Jio Platforms is seeking to invest in a global telecom business as it plans for its upcoming IPO (Initial Public Offer) independently.
According to a MoneyControl article, Colombo has started accepting offers for its share in Sri Lanka Telecom PLC on November 10. As to the latest press release issued by the government of Sri Lanka, Jio Platforms is among the three potential bidders that showed their interest in obtaining a portion of the national telecom service provider.
At present, Global Telecommunications Holdings, located in Amsterdam, controls 44.9% of the company, while Sri Lanka’s Secretary of the Treasury owns over 49.5%. The public owns the extremely little amount of residual equity. Jio already has the experience growing a telecom business from the ground up to become the biggest service provider in a country like India, where the regulatory environment and statutory obligations are difficult to manage.
Jio’s interest in Sri Lanka Telecom Plc shows the company’s goal of expanding both domestically and globally. On January 19, 2024, Reliance Industries is scheduled to release its quarterly results. When it comes to wireless subscriber market share in India, Jio leads the competition, with Bharti Airtel placing in second. With over 450 million cellular customers under its belt, Jio’s numbers are rising with each passing quarter.
