Indian conglomerate Reliance has rubbished reports that it is plotting a bid for BT.
In a statement filed with the Indian stock exchange, the firm slammed the reporting of India-based The Economics Times.
It said: “We categorically deny any intent to bid for the UK telecoms group, BT, formerly British Telecom, as reported in the article titled ‘Reliance Mulling Bid for UK’s Telco BT Group’ published in The Economic Times dated November 29, 2021.
“The article is completely speculative and baseless. We expect greater diligence and verification of facts before publishing such articles.”
The report had an impact on investors, with BT, which has a market cap of over $16bn, seeing its share price climb by nine percent this morning.
BT has not commented on the speculation.
The Enterprise Times claimed that Reliance Managing Director Mukesh Ambani, dubbed Asia’s richest man, has ambitions to build a global telecoms Goliath – with Reliance already being the biggest company in India based on market value.
