Jio Platforms, the telecom arm of Reliance Industries Ltd, in acquiring the Sri Lankan government’s stake in Sri Lanka Telecom PLC. Alongside Jio Platforms, Gortune International Investment Holding Ltd and Pettigo Comercio International LDA are the other two entities that have submitted proposals for the acquisition.
The government of Sri Lanka had invited proposals from potential investors starting from November 10, 2023, to divest its stake in the state-owned telecommunication company. The deadline for the submission of proposals ended on January 12, 2024. The government, which currently owns 49.5% of Sri Lanka Telecom PLC, aims to evaluate the proposals according to the Special Guidelines on Divestiture of State-Owned Enterprises approved by the Cabinet of Ministers in July 2023.
The market cap of Sri Lanka Telecom PLC is reported to be approximately Rs. 4000 crores. Mukesh Ambani’s business expansion strategy and Reliance Industries’ involvement in significant deals. The International Finance Corporation is acting as Transaction Advisors for the divestiture of shares held by the Government of Sri Lanka in Sri Lanka Telecom PLC. The outcome of the evaluation process will determine the successful bidder for the government’s stake in the telecom company.