Reliance Industries Ltd (RIL) witnessed a surge in share price as Jio Platforms, its telecom arm, emerges as one of the bidders for the acquisition of Sri Lanka Telecom PLC. The Sri Lankan government’s initiative to privatize various sectors for capital infusion has attracted interest from three entities, with Jio Platforms positioning itself as a potential contender.
Jio Platforms, the largest mobile network operator in India and the third-largest globally with over 426.2 million subscribers, eyes this investment as an opportunity to establish a strategic presence in the Sri Lankan telecom industry.
As of 11:24 am, Reliance Industries shares reflected the positive market sentiment, trading 1.01% higher at ₹2,769.20. The potential acquisition aligns with Jio’s expansion strategy, contributing to the company’s overall growth trajectory.