• Saturday, October 23, 2021
India corona update 
Total Fatalities 251,323
Total Cases 23,126,534
Today's Fatalities 3,879
Today's Cases 329,517
India corona update 
Total Fatalities 251,323
Total Cases 23,126,534
Today's Fatalities 3,879
Today's Cases 329,517

Business

Reliance may buy Deutsche Telekom arm

Chairman and Managing Director of Reliance Industries Mukesh Ambani. (Photo by INDRANIL MUKHERJEE/AFP via Getty Images)

By: Shilpa Sharma

INDIAN conglomerate Reliance Industries is currently 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.

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