January 14, 2024
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Jio Platform plans to enter 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 privatise 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 privatisation of non-core sectors.
With Sri Lanka Telecom, Jio is eyeing a strategic foothold in the neighbouring 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.
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