Reliance refutes Jio stake sale

Reliance refutes Jio stake sale

Reliance Industries (RIL) has denied reports that it is open to offloading up to 30% of its telecoms arm, Reliance Jio.

Earlier reports claimed that RIL was looking to sell a considerable stake in Reliance Jio in a bid to unlock value, but this has been refuted by an RIL spokesperson.

In an emailed statement, the spokesperson said that there was “no merit” in any of the reports, and no such proposal was under consideration.

“This statement has also been shared with the relevant stock exchanges,” the spokesperson added.

RIL has invested a considerable amount in its Jio business, and initial reports claimed that a sale would be a concern for the telecoms sector.

Earlier this year, Reliance Industries struck a deal with Reliance Communications for infrastructure sharing.

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