INSUBCONTINENT EXCLUSIVE:
Indian billionaire Mukesh Ambani has plans to expand his horizons in the telecommunications business through his firm Jio Platforms,
expressing interest in buying stake in Sri Lanka Telecom PLC, the state-owned telecom company, Indian media reported.The Sri Lankan
government has been struggling with the cash-strapped Telecom PLC, as current authorities continue to push for privatisation of many sectors
to revive the economy amid the recent financial crisis.Sri Lankan government had invited applications from potential bidders for Sri Lanka
potential bidders for their government telecom company
Apart from Jio, the other two companies in the running are Gortune International Investment Holding Ltd and Pettigo Comercio International
for the privatisation of all the non-core sectors in the country, in order to pull the Sri Lanka out of the deep cash shortage that
Currently, Jio is market leader among all Indian telecom service providers.Latest figures released by Telecom Regulatory Authority of India
(TRAI) showed that Jio added 31.59 lakh mobile users in October 2023, significantly more that top competitor Bharti Airtel.Recently,
The jump in shares led to Mukesh Ambani reclaiming the spot of the richest person in Asia.Source: Hindustan Times--Agencies
