Jio ponders Sri Lanka Telecom stake

25 January 2024

Jio Platforms has expressed interest in acquiring the government stake in Sri Lanka Telecom PLC.

Due to the weak financial situation of the government as well as the telecom operator, Sri Lanka is looking to aggressively privatise state-owned companies to help generate jobs and improve the economy gradually. Jio Platforms, expected to go independent with an IPO (Initial Public Offer) shortly, is looking to invest in an international telecom company.

Colombo had invited proposals from potential investors for its stake in the Sri Lanka Telecom PLC. Jio Platforms is one of the three potential bidders that has expressed interest in acquiring a stake in the national telecom service provider.

Currently, Sri Lanka's Secretary to the Treasury holds over 49.5% stake in the company, while Global Telecommunications Holdings owns 44.9%. The remaining stake, which is a very small one, is held by the public.