Jio, which has made its mark in the telecom sector in India, is now working rapidly towards doing business outside India. Reliance Industries has shown interest in entering the telecom sector of India's neighboring country. She is preparing to buy the government company there.
Reliance Industries' telecom company Jio continues to dominate the Indian telecom market. It is rapidly expanding its business from mobile network segment to fiber market also. According to Statista report, as of June 30, 2023, Reliance Jio had 32.83% market share of fixed-line telecom operators in India. Jio had the highest share in the wireless subscriber market at more than 36% in fiscal year 2023. This company, which has expanded its business in India, is now preparing to establish itself in the telecom sector outside India also. According to media reports, Reliance Industries' telecom company Jio Platforms has expressed its desire to buy stake in government-owned telecom company Sri Lanka Telecom PLC.
3 companies have shown interest
The financially struggling Sri Lankan government is looking to privatize many sectors of the economy to raise funds. Colombo had invited proposals from potential investors from November 10. After the expiry of the January 12 deadline, the Sri Lankan government issued a press release, naming Jio Platforms, Gortune International Investment Holding Limited and Pettigo Comercio International LDA as the three potential bidders and saying that full details would be revealed soon. Will go.
Valuation of Jio Platforms?
Let us tell you that Jio along with Telecom in Sri Lanka is eyeing a strategic foothold in the market of the neighboring country. Brokerage company BofA has estimated the valuation of Jio Platforms at $107 billion. BofA said in a note that it expects Jio Platforms to continue to add new customers this year by making deeper market penetration with its advanced feature phone JioBharat and wireless broadband device JioAirFiber.
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