• Thursday, June 30, 2022

Business

Reliance Industries may buy Deutsche Telekom arm

Chairman and managing director of India’s Reliance Industries, Mukesh Ambani. (RAVEENDRAN/AFP/Getty Images)

By: Shilpa Sharma

INDIAN conglomerate Reliance Industries is weighing a bid for Deutsche Telekom AG’s Netherlands subsidiary, news agency Bloomberg reported quoting sources.

Reliance is working with an adviser to evaluate an offer for T-Mobile Netherlands BV. Deutsche Telekom is seeking about €5 billion (£4.2bn) in any sale, people familiar with the development told the news agency.

Bloomberg reported last month that Deutsche Telekom is working with Morgan Stanley on the sale of the business, which has attracted interest from private equity firms including Apax Partners, Apollo Global Management, BC Partners, Providence Equity Partners and Warburg Pincus.

Reliance, India’s largest company by market value, has business spanning over oil refining, petrochemicals, retail and telecommunications. A deal for T-Mobile Netherlands would be a rare purchase in Europe.

Deutsche Telekom entered the Dutch mobile-phone market in 2000, acquiring a stake in a venture with Belgacom SA and Tele Danmark.

The business was renamed T-Mobile Netherlands in 2003 after the German carrier bought the remainder.

Eastern Eye

Related Stories

Eastern Eye

Videos

Mrunal Thakur on Dhamaka, experience of working with Kartik Aaryan,…
Nushrratt Bharuccha on Chhorii, pressure of comparison with Lapachhapi, upcoming…
Abhimanyu Dassani on Meenakshi Sundareshwar, how his mom Bhagyashree reacted…