Mukesh Ambani is an Indian billionaire businessman and the chairman and largest shareholder of Reliance Industries Limited, a conglomerate with interests in various industries such as petrochemicals, refining, oil, natural gas, telecommunications, retail, and more. Born on April 19, 1957, Ambani is considered one of the wealthiest individuals globally.
Regarding the telecom sector, Mukesh Ambani played a significant role in revolutionizing the telecommunications industry in India with the launch of Reliance Jio Infocomm Limited, commonly known as Jio, in September 2016. Jio disrupted the market by offering affordable data plans, high-speed internet, and free voice calls, leading to a massive increase in mobile internet users in India.
Jio Platforms, the telecom arm of Reliance Industries, has expressed interest in buying a stake in Sri Lanka Telecom PLC, which is the state-owned telecommunications company in Sri Lanka. The financially stressed Sri Lankan government is looking to privatize several sectors, including the telecom sector, to raise funds. Jio Platforms is one of the potential bidders for a stake in Sri Lanka Telecom PLC.
The move suggests that Jio Platforms is looking for strategic opportunities to expand its presence in the neighbouring market, aligning with its broader goal of being a major player in the telecommunications industry not only in India but also in the international arena. The involvement of Jio Platforms in this bid demonstrates its interest in contributing to the telecom sector beyond India.