(Alliance News) - Reliance Industries is mulling a bid for BT Group PLC, Indian newspaper the Economic Times reported on Monday.
Citing people familiar with the matter, Reliance could make an unsolicited offer to buy into BT or try and take a controlling stake, the Economics Times reported. It could also propose to partner with BT's fibre optic arm Openreach and fund its expansion plans.
The sources cautioned that deliberations are at an early stage and may not lead to a transaction.
https://economictimes.indiatimes.com/news/company/corporate-trends/reliance-industries-weighs-bid-for-uks-telco-bt-group/articleshow/87970538.cms
Shares in BT were up 8.3% at 166.70 pence in London early Monday.
The UK-listed telecommunications firm earlier this month reported record Openreach 'fibre to the premises' build in the second quarter, to bring its footprint to nearly six million. As a result, BT said it has decided to retain 100% of the project for shareholders and to remain fully focused on driving build and take-up.
Back in May, the London-based company explored the creation of a joint venture to fund the roll-out of fibre to an additional five million premises. BT in November said it had conducted an extensive review and held discussions with prospective investors, but decided not to proceed due to costs coming down and take-up ahead of expectations.
By Lucy Heming; lucyheming@alliancenews.com
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