Bharti Airtel

By Munsif Vengattil

BENGALURU, Oct 11 (Reuters) - Elon Musk said he would price Starlink's satellite internet service affordably in India to take on Mukesh Ambani's low-cost Reliance Jio, escalating his attacks on the rival billionaire days before Jio's parent launches India's largest-ever IPO.

Jio Platforms, which owns the telecom arm, is targeting a valuation of $106 billion in the offering. Much like SpaceX-owned SPCX.O Starlink, Jio's own satellite venture is also awaiting final security clearance to launch.

Cheap data is the playbook that built Jio in India, and the one Musk has used in markets like Kenya to unsettle local telecom players. SpaceX now plans to enter the mobile carrier market itself, starting in the US.

Musk did not specify prices for India, where mobile data costs about 8 cents per gigabyte, among the lowest in the world.

"Obviously, if Starlink is too expensive in India, no one will buy it, so SpaceX will need to make pricing affordable," he said in a post on his social media platform X on Saturday.

"The reality is that competition would greatly benefit the average citizen in India by giving them more choices, as it always does. Ambani's profits will be lower, but he is not going out of business," Musk added.

'PRIME MINISTER AMBANI'

The billionaire's remarks were the latest in a series of X posts where he accused Prime Minister Narendra Modi's government and Ambani of stalling Starlink's entry into one of the world's biggest internet markets to favour market leader Jio.

The posts have marked a sharp turn for Musk, who has long enjoyed a warm public rapport with Modi.

India's government has denied any bias in its approval process, noting that the three satellite ventures seeking to launch, including Starlink's and Jio's, are all awaiting final security clearance.

Late on Friday, Musk taunted Ambani directly, addressing him as "Prime Minister Ambani" and asking whether he would "consider allowing Starlink to compete".

Reliance has not responded to requests for comment on Musk's remarks.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Jamie Freed)

(([email protected];))

Updates shares in paragraph 3, Sunil Bharti Mittal in paragraph 8, AJ Bell in paragraph 9

LONDON, Oct 9 (Reuters) - Airtel Money AMCA.L shares fell below their offer price on Friday, in a muted start to trading for the African mobile money service after a heavily oversubscribed initial public offering.

The IPO, ranked by Dealogic as London's largest listing since Fermi's FRMI.O dual listing in September 2025, had aimed for a valuation of around $7 billion for the sub-Saharan Africa-focused fintech.

After initially rising to £2.00, Airtel Money stock was trading at £1.93 per share, just below its £1.96 IPO price.

The drop comes despite strong demand for the IPO, which was several times oversubscribed. The secondary sale raised about $703 million for existing shareholders who sold 270 million shares at a fixed price of £1.96 each.

Shares in Airtel Africa, the parent of Airtel Money which will remain the majority shareholder, were trading down 6% in London among a broad selloff of telecoms stocks after SpaceX acquired spectrum in the US, raising new competitive concerns.

Airtel Money, founded as Airtel Africa's mobile money service, provides transfers, bill payments and digital banking features on mobile phones to users in 13 countries, including Kenya, Malawi and Tanzania.

London-listed Airtel Africa AAF.L is majority owned by Indian conglomerate Bharti Enterprises. Airtel Africa owned nearly 78% of Airtel Money before the IPO and had said it would remain a long-term shareholder.

Sunil Bharti Mittal, founder of Airtel and founder and chairman of Bharti Enterprises, said in a statement that the listing was a "vote of confidence in the UK as an attractive global destination for investment".

Dan Coatsworth, head of markets at AJ Bell, said Airtel Money had been one of the most popular London IPOs ever among retail investors on its investment platform.

"Airtel Money's majority shareholder Airtel Africa has made investors big money since its stock market debut in 2019, with a 262% gain in value to £11.2 billion," he said. "Many people will be hoping for a repeat of this success with the new IPO."

Britain has simplified its listing rules to attract more issuers, after a decade in which London's stock market shrank as companies chased higher valuations abroad.

Several candidates in Europe and the US have delayed offerings amid interest rate rises and geopolitical uncertainty.

(Reporting by Raechel Thankam Job in Bengaluru and Paul Sandle in London; Editing by Alexander Smith)

(([email protected];))

By Munsif Vengattil

BENGALURU, Oct 8 (Reuters) - India defended its satellite internet approval process as fair and non-discriminatory on Thursday, hours after billionaire Elon Musk accused unnamed "oligarchs" of blocking Starlink's launch in the South Asian nation.

Starlink was being blocked by "certain oligarchs in order to maintain their monopolistic chokehold on the Indian people," Musk wrote on X, without naming anyone.

India's telecom market is dominated by billionaires Mukesh Ambani's Reliance Jio and Sunil Mittal's Bharti Airtel. Their satellite internet ventures, alongside Musk's Starlink, have secured early approvals to launch in India but are awaiting spectrum assignment and final clearances.

Airtel and Jio did not immediately respond to requests for comment.

The wait has stretched on for four years for Starlink, following scrutiny over security requirements and access to spectrum.

Responding to Musk's comments, India's telecommunications ministry said three entities were at broadly the same regulatory stage, with security assessments under way for each. It did not name the companies or Musk.

"The suggestion that the framework or its application is unfair or discriminatory is baseless and misconceived," the ministry said in a statement.

The clash is not new. Musk has previously been at odds with Mittal and Ambani over how India should grant them spectrum, before the three set aside their differences in 2025 to sign separate deals to distribute Starlink devices in India.

India offers Starlink, part of Musk's SpaceX, access to a satellite broadband market that Deloitte has forecast will be worth $1.9 billion by 2030.

The timing adds a diplomatic layer: the US has pushed Starlink's market access as a goodwill marker in trade talks with tariff-hit countries, and New Delhi and Washington have struggled to finalise a trade deal since reaching a framework in February.

Security concerns have also followed the recovery of Starlink equipment in India. Indian authorities have said they found Starlink devices in two separate operations in late 2024: a drug seizure by police in the Andaman and Nicobar islands and an army search in Manipur state.

Musk then said Starlink's satellite beams were "turned off over India" and were "never on in the first place", a remark he repeated on Wednesday.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Raju Gopalakrishnan)

(([email protected];))

Oct 5 (Reuters) - Bharti Airtel Ltd BRTI.NS:

• AIRTEL BUSINESS LAUNCHES BUSINESS COMMUNICATIONS PLATFORM IQ GATEWAY

Source text: ID:nBSEbBT7Js

Further company coverage: BRTI.NS

(([email protected];))

Adds detail, background and analyst comment, paragraphs 4,7,8,10

By Yamini Kalia and Atharva Singh

Oct 1 (Reuters) - Airtel Money, the mobile money arm of Airtel Africa AAF.L, is targeting a valuation of about $7 billion in its London stock market debut, offering a potential boost for a market that has struggled to attract major listings in recent years.

The company said on Thursday that it planned to sell 270 million shares at a fixed price of £1.96 each in its initial public offering, raising about $703 million ahead of a mid-October debut.

London's stock market has shrunk over the past decade as companies have sought higher valuations elsewhere, prompting Britain to simplify listing rules in an effort to attract more issuers.

"The deal is a sign that London can still attract a sizeable international IPO, but it also shows that this is a buyer’s market in which companies have to be realistic about valuation," said IPOX Research Associate Lukas Muehlbauer.

At about $703 million, the offering would be London's largest IPO since Fermi Inc's FRMI.O dual listing in September 2025, Dealogic data shows.

VALUATION HAIRCUT

Airtel Money's targeted valuation is slightly below the reported $800 million deal size that would have made it the biggest London IPO in five years.

"It's clearly a conservative structure," said Samuel Kerr at M&A analytics platform Mergermarket, adding that the fixed-price offer avoids the "psychodrama" of IPO price ranges and offers investors a clear take-it-or-leave-it choice.

Airtel Africa had said it chose London for Airtel Money's IPO to tap a broad international investor base for the Sub-Saharan Africa-focused fintech company, which is headquartered in the Netherlands and has strategic offices in Dubai.

Following the secondary offering, which will not result in any proceeds to Airtel Money or its parent, the company is expected to have a free float of about 16.5%.

Trading in its shares is due to begin on October 14.

Selling shareholders include TPG-backed private equity investor The Rise Fund II Aurora, Qatari sovereign wealth fund Qatar Holding, payments company Mastercard and telecoms investor Chimetech.

($1 = 0.7540 pound)

(Reporting by Yamini Kalia and Atharva Singh in Bengaluru
Editing by Rashmi Aich, Mark Potter and David Goodman
)

(([email protected]))

Sept 23 (Reuters) - ** Telco Bharti Airtel BRTI.NS overtakes HDFC Bank HDBK.NS to become India's second-most valuable stock

** Reliance Industries RELI.NS remains India's most valuable co, followed by BRTI and HDBK

** BRTI valued at 11.44 trillion rupees ($119.50 billion), above HDBK's 11.42 trillion rupees ($119.29 billion), according to NSE data

** YTD, HDBK down 25% vs 13% dip in BRTI

** Private lender has faced leadership changes and governance scrutiny, including senior executive resignations and alleged irregularities

** BRTI has seen steady growth in recent quarterly earnings, boosted by increasing demand for 4G/5G data

** Both stocks rated "buy" on avg - data compiled by LSEG

** BRTI last up 0.7%, HDBK up 0.2%

($1 = 95.7300 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru)

(([email protected];))

Adds details and background throughout

Sept 22 (Reuters) - Airtel Africa's AAF.L Airtel Money is expected to file for a London initial public offering as early as Wednesday, targeting a valuation of $8 billion to $9 billion, the Financial Times reported on Tuesday, citing two people briefed on the plans.

Airtel Africa did not immediately respond to a Reuters request for comment outside regular business hours.

• The company is looking to raise at least $800 million from investors, FT said.

• Airtel Money's owners were considering scaling back the IPO from the previously targeted $1.5 billion to $2 billion range, Bloomberg News reported last week.

• Airtel Africa in July picked the London Stock Exchange LSEG.L for the listing of its mobile money business.

• In May, the Africa-focused telecoms group pushed back Airtel Money's planned IPO to the second half of the year amid cost-related pressures arising from the ongoing US-Israeli war on Iran. Several other firms have also delayed their IPOs as the war drives market volatility.

• Airtel Africa had earlier planned to list Airtel Money in the first half of 2026. The unit is its third-largest revenue segment.

(Reporting by Sathvi G Bhat in Bengaluru; Editing by Shreya Biswas and Jonathan Ananda)

(([email protected]))

Updates with closing prices

Sept 18 (Reuters) - London's FTSE 100 pulled back from a more than one-week high on Friday as financial stocks weighed, ending a week packed with economic data and central bank decisions.

The blue-chip FTSE 100 index .FTSE closed 1.4% lower at 10,659.13 points, logging a small weekly gain. The midcap FTSE 250 .FTMC finished 0.6% lower on the day, but still recorded its sharpest weekly rise since early August.

• On Friday, financial stocks were the biggest drags on the index. Banks .FTNMX301010 lost 2.1%, with Lloyds LLOY.L and HSBC HSBA.L falling 2.9% and 1.6% respectively.

• Telecom stocks .FTNMX151020 were the biggest percentage decliners with a 4.8% tumble. Airtel Africa AAF.L lost 11.3% after a report said its Airtel Money was considering downsizing its London IPO.

• On the flip side, construction and materials stocks .FTNMX501010 rose 1.3%, led by gains in Galliford Try GFRD.L.

• Data showed British consumers unexpectedly increased their shopping in August, although they cut fuel purchases after prices jumped.

• The report comes a day after the Bank of England held interest rates steady but warned that policymakers might have to raise borrowing costs if the Iran war drags on.

• Brokerages changed their rate calls following the decision, with Barclays joining J.P.Morgan in expecting a hike in November.

• The central bank on Thursday also paused UK government bond sales for six months and halted long-dated gilt sales entirely, days after a global bond rout. Gilts steadied on Friday after last session's rally.

• The US Federal Reserve hiked rates by 25 basis points this week, and the central bank reinforced its fight against inflation, sparking a rally across global markets on Thursday.

• Among individual stocks, Softcat SCTS.L was among the top losers on the FTSE 250 index with a near 4% fall after the IT firm agreed to buy US-based GDT at an enterprise value of $1.05 billion.

• Globally, the mood was also sour as elevated developed market bond yields pressured riskier assets. MKTS/GLOB

(Reporting by Purvi Agarwal and Johann M Cherian in Bengaluru; Editing by Alex Richardson)

(([email protected]; [email protected]))

** Telecom company Bharti Airtel's shares BRTI.NS rise as much as 3.04% to 1,867 rupees apiece

** Rise follows HSBC Global Investment Research reiterating "buy" rating on BRTI at PT of 2,500 rupees, implying potential upside of 32.8%

** After hosting the telecom company's senior management team in Singapore last week, HSBC says BRTI's growth levers are intact

** Sees rising mobile average revenue per user (ARPU), expanding home broadband subs, rising free cash flow and growth in dividends as positives for co

** HSBC says it remains constructive on BRTI's structural growth drivers

** Average rating of 31 analysts tracking BRTI is a "buy"; median price target is 2,337.50 rupees, according to data compiled by LSEG

** BRTI down 11.6% in 2026 so far, lagging the benchmark Nifty 50 .NSEI 7.7% drop

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Aug 17 (Reuters) - Bharti Airtel Ltd BRTI.NS:

• BHARTI AIRTEL - AIRTEL PAYMENTS BANK ANNOUNCES BOARD TRANSITION; SHABNAM SINHA TO SUCCEED SUNIL BHARTI MITTAL AS CHAIRPERSON

• BHARTI AIRTEL - SHABNAM SINHA WILL ASSUME THE ROLE OF CHAIRPERSON OF AIRTEL PAYMENTS BANK LIMITED FOR A THREE YEAR TERM BEGINNING OCTOBER 1, 2026

Source text: ID:nPLXN6MPX4

Further company coverage: BRTI.NS

(([email protected];))

Aug 10 (Reuters) - Bharti Airtel Ltd BRTI.NS:

• BHARTI AIRTEL - AIRTEL BUSINESS AND ITI LIMITED ENTER INTO STRATEGIC PARTNERSHIP

• BHARTI AIRTEL - PARTNERSHIP TO HELP ENTERPRISES MODERNIZE, SECURE, AND SCALE OPERATIONS

Source text: ID:nnAZN4TCXPV

Further company coverage: BRTI.NS

(([email protected];))

By Bharath Rajeswaran

Aug 7 (Reuters) - India's market outlook is strengthening as bank credit growth reaches its fastest pace in more than a decade, foreign equity inflows return and central bank measures support the rupee, according to Jefferies.

"There are some positives to be aware of as regards the Indian domestic story," Christopher Wood, Jefferies' global head of equity strategy, said in his latest GREED & fear note published on Friday.

Against this backdrop, Jefferies has reshaped its India long-only portfolio. HDFC Bank HDBK.NS, India's largest private lender and the heaviest stock in benchmark indexes, is being removed alongside PolicyBazaar-owner PB Fintech PBFI.NS.

MCX MCEI.NS and Lenskart Solutions LENS.NS will replace them, while REC RECM.NS makes way for Bajaj Finance BJFN.NS. Eternal's ETEA.NS allocation rises by one percentage point, funded by a reduction in Bharti Airtel BRTI.NS.

Foreign investors bought a net $2.12 billion of domestic equities in July as India benefited from the unwind out of the memory chip trade. However, they remain net sellers for the year, with outflows totaling $25.86 billion, according to National Securities Depository.

The more important signal, Wood said, is the acceleration in domestic lending, which has climbed to 17–18% year-on-year, led by corporate lending of about 20%. Loans to agriculture and retail borrowers are also expanding at healthy rates, underscoring broad-based demand.

Policy-driven inflows are adding a macro cushion. The Reserve Bank of India's foreign-currency inflow scheme, including non-resident deposits, external commercial borrowings and foreign-currency bonds, had mobilized about $41 billion by the end of July, and Jefferies expects inflows to reach $80 billion–$100 billion by the September 30 deadline.

The removal of tax on interest income on foreign purchases of government bonds has also generated $8.7 billion in net inflows since early June, per exchange data.

"All this increases the likelihood that the rupee should stabilise," Wood said. The currency recovered to 95.17 per U.S. dollar, as of July 31, from a low of 96.96 in May.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema)

(([email protected]; +91 9769003463;))

Aug 5 (Reuters) - Bharti Airtel Ltd BRTI.NS:

• INDIA'S BHARTI AIRTEL EXEC: HEADROOM FOR GROWTH CONTINUES TO BE HIGH IN AFRICA BUSINESS

• BHARTI AIRTEL EXEC: HANDSET UPGRADES, RISING DATA USAGE, 5G ADOPTION PROVIDE MEANINGFUL HEADROOM FOR EXPANSION

• BHARTI AIRTEL EXEC: SEE REASONABLE HEADROOM FOR ARPU GROWTH IN MEDIUM TERM

• BHARTI AIRTEL EXEC: RISING GLOBAL MEMORY, CHIPSET PRICES CHALLENGED FWA ECONOMICS

• BHARTI AIRTEL EXEC: SEEING IMPROVEMENT IN INTERNATIONAL ROAMING, WITH REPAIR IN INTERNATIONAL TRAVEL

• BHARTI AIRTEL EXEC: INVESTMENTS INTO AFRICA WILL CONTINUE TO STEP UP

Further company coverage: BRTI.NS

(([email protected];))

** Shares of Bharti Airtel BRTI.NS down 0.91% at 1,950 rupees ahead of Q1 results

** Analysts expect Airtel to post 15.8% increase in Q1 revenue at 573.10 billion rupees ($6.01 billion) - LSEG-compiled data

** BRTI expected to post 40.6% increase in Q1 net income at 83.62 billion rupees

** Forecast co to add 5 million subscribers q/q to 378 million, with ARPU growing 1.5% QoQ, led by ongoing migration of subscribers from 2G to 4G - Centrum

** Co to gain from growing 5G smartphone beside tariff hike-led ARPU growth lifting India mobile sector revenue - CLSA

** Co rated "Buy" on average by 30 analysts, median PT of 2,300 rupees - LSEG data

** YTD, stock down 7.38% vs 5.93% decline in Nifty 50 .NSEI

($1 = 95.2825 Indian rupees)

(Reporting by Saikeerthi in Bengaluru)

(([email protected]; (+91) 8296756080))

BENGALURU, Aug 3 (Reuters) - Diary of India economic, corporate events on Aug 3

ECONOMIC, CORPORATE .BSE500 EVENTS:

NTS - 'No time scheduled'

(Compiled by Bengaluru Newsroom)

(([email protected]))

Reliance Industries Ltd RELI.NS:

• INDIA GOVERNMENT EXTENDS MOBILE INTERNET SHUTDOWN IN CENTRAL DELHI UNTIL MIDNIGHT ON FRIDAY - INDUSTRY SOURCES

Source text: [ID:]

Further company coverage: RELI.NS

July 23 (Reuters) - Airtel Africa AAF.L said on Thursday it had picked the London Stock Exchange for the listing of its mobile money business due later this year.

Here are some details on the planned IPO and the firm's first-quarter results:

• "We believe a London listing will provide access to a broad international investor base and support our ambition to unlock the long-term value of one of Africa's leading fintech platforms," CEO Sunil Taldar said.

• The African-focused telecoms group is targeting a listing of its third-largest unit Airtel Money in the second half of 2026, later than originally planned due to war-related cost pressures.

• The firm forecast pressure on its near-term core profit margins for the second time in the last four months, citing higher energy costs arising from the Iran conflict.

• The Iran conflict has triggered a crude supply crunch and upended supply chains, raising energy and logistics costs for companies everywhere, and prompting forecast cuts, project delays, and cost-cutting drives.

• The company, however, reported higher first-quarter revenue and profits benefiting from strong demand for mobile networks, adoption of new digital technologies and artificial intelligence, and currency tailwinds.

(Reporting by Prerna Bedi in Bengaluru; Editing by Rashmi Aich)

(([email protected]; +91 98052 24616;))

July 13 (Reuters) - Singapore Telecommunications STEL.SI said on Monday its unit, Viridian, had been placed under members' voluntary liquidation.

Here are some more details:

• Singtel, Southeast Asia's largest telecom firm, said it also appointed a liquidator to manage the winding up of the Mauritius-incorporated unit.

• The telecom firm said the winding up of Viridian is not expected to have any material impact on the group's net tangible assets or earnings per share.

• Viridian Group has historically served as a corporate holding vehicle within the Group's structure for managing equity holdings and investments — most notably its long-standing stake in Indian telecommunications giant Bharti Airtel BRTI.NS.

• Singtel, through units Pastel and Viridian, had disposed of a 3.3% stake in Bharti Airtel for S$2.54 billion ($1.97 billion) in August 2022.

• The Singapore-listed firm currently owns a 7.3% stake in Bharti Airtel, according to LSEG data.

($1 = 1.2917 Singapore dollars)

(Reporting by Aamir Shaik Khalid in Bengaluru; Editing by Shreya Biswas)

(([email protected];))

NEW DELHI, July 10 (Reuters) - Units in India's Gujarat International Finance Tec-City (GIFT City) will be exempt from the licensing requirement for chartering foreign vessels for export and import cargo movement, and international trade operations, the government said on Friday.

• GIFT city is being set up in Prime Minister Narendra Modi's home state of Gujarat, in the country's west, and offers easier tax rules and regulations.

• It is being promoted by the government as a financial centre to rival Singapore and Dubai.

• The exemption from licensing is an effort to simplify the regulatory framework governing the chartering of foreign vessels for international shipping operations, the shipping ministry said in a statement.

• It is expected to promote maritime leasing, ship financing, and ship-owning activities through Gift City, it said.

• Reuters reported in May that telecom operator Bharti Airtel, U.S.-based Genpact, and autoparts giant ZF Friedrichshafen were among the companies setting up treasury operations in Gift City.

(Reporting by Sakshi Dayal and Tanvi Mehta, Editing by Louise Heavens)

(([email protected]; X: @sakshi_dayal;))

July 1 (Reuters) - Bharti Airtel Ltd BRTI.NS:

• AIRTEL MONEY COMMENCES COMMERCIAL OPERATIONS AS TYPE II NON-DEPOSIT ACCEPTING NBFC

Source text: [ID:]

Further company coverage: BRTI.NS

(([email protected];;))

June 30 (Reuters) - Bharti Airtel Ltd BRTI.NS:

• BHARTI AIRTEL - DOT ASSAM IMPOSES PENALTY OF 620,000 RUPEES

Source text: ID:nPLX2MS0BF

Further company coverage: BRTI.NS

(([email protected];))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, June 22 (Reuters Breakingviews) - Mukesh Ambani is making bold promises about connectivity. But he has already disappointed the A-list backers in his telecoms company. And the billionaire's latest pledges that the business will tighten its grip on India's data market and push into foreign ones deserve more scepticism from investors considering jumping into its upcoming initial public offering.

Jio Platforms' up to $3.8 billion share sale could be India’s largest listing on record. The company's prospectus filed late on Friday, though, confirmed the company would only be offering new stock. This means the outsiders led by Meta META.O, Alphabet’s GOOGL.O Google and KKR KKR.N which own a third of existing shares, will wait longer to crystallise tepid returns.

In 2020, they bought the promise that $188 billion Reliance Industries RELI.NS would transform Jio into a tech platform offering services from cloud computing to connected homes. Six years on, that target looks far from achieved: Jio still earns 94% of its profit from volume-led monetisation of its 524 million mobile subscribers. And although its 528-page prospectus waxes lyrical about its autonomous platforms and proprietary technology stack, Jio lags its main rival, $123 billion Bharti Airtel BRTI.NS, on basic measures, including EBITDA margins and average revenue per user.

That undercuts Ambani’s latest wide-ranging promises, including a vow to deepen his dominance of the home broadband market, where Jio caters to 43% of India's 64 million premium subscribers. He’s also touting venturing into satellite communications and unnamed markets overseas, including offering its AI engine, JioBrain, to other global telecoms companies.

Out of all of these, Jio's domestic ambitions look most within reach. That said, Indian regulators impose ceilings on some mobile tariffs and it is hard to grow a premium service like broadband in a market where most consumers are poor. Rules on net neutrality may also hamper Ambani's ability to offer business clients higher-yielding differentiated services.

Jio’s targeted $130 billion market capitalisation is already a big step down from the $180 billion price tag bullish analysts assigned it earlier this year before the Iran war knocked the rupee. But even this revised figure will require investors to pay a multiple of 35 times Jio’s earnings for 2027, per Visible Alpha estimates. Compare that to 30 times for Airtel, which already generates around one-third of its EBITDA outside of India.

There isn't anything compelling in the Jio filing to support a premium valuation. If Ambani wants his IPO to fly, he may need to trim his ambitions further.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

Jio Platforms, the telecoms business of Reliance Industries, will raise up to $3.8 billion in a Mumbai initial public offering, which could be India's largest on record, Reuters reported on June 19, citing unnamed sources.

The offer will comprise up to 270 million new shares, equivalent to 2.9% of the total enlarged share count, Jio’s prospectus showed. The fundraising target implies a market capitalisation of $130 billion.

Proceeds will be used to repay subsidiary borrowings and general corporate purposes.

The deal has 19 book-running lead managers led by Kotak Mahindra and Morgan Stanley.

Jio is evaluating the development of a sovereign low earth orbit satellite constellation for India, Reliance Chair Mukesh Ambani said at the company's annual shareholder meeting on June 19.

(Editing by Una Galani; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

Adds fresh details on Jio IPO

MUMBAI, June 19 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms plans to raise around $3.8 billion via a Mumbai listing, sources say, in what could be the country's largest-ever initial public offering.

Here are facts and numbers on Jio Platforms, which houses the world's second-largest telecom company by users after China Mobile 600941.SS.

TELECOM BUSINESS

Reliance Jio Platforms is a unit of Ambani's oil-to-retail conglomerate Reliance Industries RELI.NS. It is most known for the telecom business - Reliance Jio Infocomm, which is the country's biggest player with more than 500 million subscribers.

Launched in 2016, the telecom business, popularly just called Jio, hit rivals such as Bharti Airtel BRTI.NS and Vodafone Idea VODA.NS hard by offering free voice and data plans initially.

The move, in line with Ambani's typical strategy of offering ultra-low prices to lure consumers, drove up its customer base and allowed many Indians to access platforms such as YouTube and Facebook for the first time.

Jio says it currently has a roughly 60% share of India's data traffic.

In recent years, Reliance Jio Platforms has diversified beyond telecom into AI, cloud and enterprise network services, as well as app development. In 2023, Nvidia NVDA.O announced an AI partnership with Reliance to develop cloud infrastructure and language models.

THE LEADERSHIP

Mukesh Ambani, Asia's richest man, is the chairman of Jio Platforms. His three children - Akash, Anant and Isha - serve on its board. Akash Ambani, his elder son, is the chairman of the company's flagship telecom unit, Reliance Jio Infocomm.

Reliance Industries holds a 66.43% stake in Jio Platforms.

Kiran Thomas is the CEO of Jio Platforms.

KEY FINANCIALS, VALUATION

Reliance Jio Platforms' operating revenue in the last financial year ending March 2025 stood at $13.65 billion. But 90% of that came just from the telecom business, which the company says has grown annually by 13% since 2020-21.

Reliance Jio Platforms posted a profit after tax of $2.8 billion in the year.

In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion. Sources told Reuters in January the IPO could be worth as much as $4 billion, though final numbers will only be decided later.

MARQUEE INVESTORS

In 2020, Jio Platforms raised more than $20.5 billion from 13 global investors in exchange for a roughly 33% equity stake, at a valuation range of $57 billion to $65 billion.

Global names such as Meta Platforms META.O, Alphabet GOOGL.O and KKR invested in the firm, as Ambani sought to turn Jio Platforms into the centerpiece of his technology ambitions.

Other investors include General Atlantic, Silver Lake and the Abu Dhabi Investment Authority. Meta owns a 9.9% stake in the company, followed by Google's 7.7% stake.

THE IPO JOURNEY

The filing, which had been targeted for as early as March, had been pushed back as IPO activity slowed following the outbreak of conflict in West Asia, with investors losing their appetite for new listings.

The IPO, previously expected to be a pure offer-for-sale where foreign investors would have sold some of their holdings, will now only be a fresh fund raise.

The company's IPO has been long delayed. In 2019, Ambani said Jio would "move towards" a listing within five years, but later the plans were delayed in 2025.

The company had hired 17 banks to manage its offering.

(Reporting by Vibhuti Sharma and Aditya Kalra; Editing by Arun Koyyur, Sonali Paul, Elaine Hardcastle)

(([email protected];))

June 18 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening lower on Thursday, with futures FFIc1 down 0.6%.

* SUNDERLAND PLANT: The British government is in advanced talks with Japanese carmaker Nissan 7201.T about providing it financial support in return for a long-term commitment and investment in its Sunderland plant, five sources with knowledge of the discussions said.

* HSBC: HSBC's 0005.HK, HSBA.L Australia unit has admitted to serious failures in protecting customers from scams and could face an A$35 million penalty pending court approval, Australia's corporate regulator said.

* DIAGEO: Diageo's DGE.L new boss, Dave Lewis, has asked executives to cut headcount and other costs as he begins restructuring the struggling spirits group, the Financial Times reported.

* OIL: Oil prices fell over $1 per barrel after the U.S. and Iran signed an interim agreement that would end the Iran war, reopen the Strait of Hormuz and waive U.S. sanctions on Tehran's oil.

* METALS: Copper declined as hawkish Federal Reserve projections outweighed improvement in risk appetite following the U.S.-Iran peace deal.

* GOLD: Gold rose over 1%, recouping losses from the previous session, as a drop in oil prices following a U.S.-Iran interim agreement dampened inflation expectations and supported bullion.

* FTSE: Britain's FTSE indexes closed higher on Wednesday, with gains in miners offsetting broader declines, while investors weighed domestic inflation data ahead of interest rate decisions by the Bank of England and the U.S. Federal Reserve.

* EX-DIVS: Compass Group CPG.L, 3i Group III.L, Airtel Africa AAF.L, Land Securities LAND.L, British Land BLND.L, and Persimmon PSN.L will trade without entitlement to their latest dividend payout on Thursday.

* UK CORPORATE DIARY:

* For more on the factors affecting European stocks, please click on: LIVE/

TODAY'S UK PAPERS
> Financial Times PRESS/FT
> Other business headlines PRESS/GB

(Compiled by Neeshita Beura in Bengaluru)

(([email protected]))

June 15 (Reuters) - Bharti Airtel Ltd BRTI.NS:

• BHARTI AIRTEL- SHAREHOLDERS APPROVED ONGOING TRANSACTION TO CONSOLIDATE STAKE IN UNIT AIRTEL AFRICA PLC

Source text: ID:nnAZN4T2AYK

Further company coverage: BRTI.NS

(([email protected];))

The Bombay High Court on June 8 set aside a Rs 8,414 crore demand for one-time spectrum charges that the Department of Telecommunications had pressed against Bharti Airtel since 2013. The court allowed a petition filed by the company challenging the initial notice of Rs 5,201.2 crore, later revised to Rs 8,414 crore. The demand included a Rs 473.7 crore portion relating to Bharti Hexacom, a subsidiary that operates in two telecom circles. The judgment was uploaded on the High Court's website late on June 8.

Powered by Tijori

Corrects headline and paragraph 1 in May 21 story to say Singtel would spend S$3 billion, not S$4.2 billion; Also corrects paragraph 6 to clarify AI spending is part of total spending

May 21 (Reuters) - Singapore Telecommunications STEL.SI said on Thursday it was looking to sell a minority stake in its Australian unit Optus, and shared capital spending plans of S$3 billion ($2.35 billion) in 2027.

Singtel said it was looking for a "like-minded long-term local partner owning a meaningful minority stake" in the Australian operator, which has been owned by Singtel for over 25 years and is Australia's second-largest telecom firm.

Optus has been under intense scrutiny over two back-to-back outages of an emergency number that affected thousands of users and were linked to four deaths. The incidents led to the departure of two senior executives, including its finance chief.

Singtel said the sale process may entail engaging with local partners who bring the "expertise to improve service provision and quality."

It sold a stake in India's Bharti Airtel BRTI.NS for S$1.16 billion last year as a part of an ongoing asset restructuring strategy.

In a separate statement on its annual results, Singtel said its planned 2027 spending included S$1.2 billion allocated for data centres and AI-related purposes.

Singtel said it was taking a more cautious approach to its near-term outlook and expected earnings before interest and taxes (EBIT) growth to be in the low- to mid-single digits.

While it has no direct operations in the Middle East, it said most of its key markets were net energy importers and exposed to global energy price swings, which could mean higher operating costs, softer consumer and business spending, and slower economic growth.

The group said its existing long-term power contracts should help cushion the impact, but cautioned that currency volatility across its regional markets could weigh on translated earnings.

Southeast Asia's largest telecom operator posted an underlying net profit of S$2.77 billion for the year ended March 2026, up from S$2.47 billion in the previous year, but below a Visible Alpha consensus estimate of S$2.82 billion.

It logged a nearly 9% rise in EBIT to S$1.50 billion in 2026. Singtel declared a final dividend of 10.3 Singapore cents per share, versus 10 Singapore cents apiece announced last year.

Shares of the company were down nearly 7%, set for its weakest session since March 2020, and it was the worst performer on the benchmark index .STI, which was down 0.3% as of 0658 GMT.

($1 = 1.2783 Singapore dollars)

(Reporting by Rajasik Mukherjee, Keshav Singh Chundawat and Sherin Sunny in Bengaluru; Editing by Shailesh Kuber, Subhranshu Sahu and Christian Schmollinger)

(([email protected];))

By Amy-Jo Crowley

LONDON, May 21 (Reuters) - Indian conglomerate Bharti Enterprises is seeking to potentially increase its stake in BT to just under the threshold that would require it to make a full takeover offer for the British telecoms group, three people familiar with the matter said.

Led by billionaire founder, Sunil Bharti Mittal, the group is looking to secure UK government approval required for it to be able to increase its stake in the London-listed company, the people said, speaking on condition of anonymity because the matter is private.

It could increase its stake to as much as 29.9% to gain greater economic exposure to BT but does not plan to pursue a full takeover, one of the people said.

A Bharti spokesman said the company is pleased with its current 24.95% shareholding and "currently has no plans to increase its stake." The UK government's Cabinet Office declined to comment. BT referred questions to the UK government and Bharti.

Any move by Bharti to increase its stake beyond 25% would have to be reviewed by the government under the National Security and Investment Act, which gives the government greater say over deals where national interests might be involved.

The group first bought a stake in BT in 2024 by acquiring a 24.5% shareholding from Altice's Patrick Drahi, making it a key strategic shareholder in the company. Bharti said at that time it was supportive of BT's executive team and its "ambitious" transformation programme to deliver long-term sustainable growth.

BT shares have risen 55% since its acquisition of the stake, according to LSEG data. The stake is held by Bharti Televentures, according to LSEG data.

BHARTI HAS NO PLANS TO BID FOR ALL OF BT

Bharti, which owns the Bharti Airtel brand operating in 17 countries across South Asia and Africa, said at the time of that acquisition that it did not intend to bid for all of BT, the former state monopoly which is Britain's biggest broadband and mobile company.

In September Mittal, founder and chairman of Bharti Enterprises, and Gopal Vittal, Vice Chairman and Managing Director of Bharti Airtel, joined the BT board as non-independent non-executive directors.

The UK approved the purchase in London-listed BT at the end of 2024 after a detailed national security assessment and assurances from the telecoms company. BT established a national security committee to oversee "strategic work that it performs which has an impact on or is in respect of the national security" of the country, the UK government said at the time.

​

(Reporting by Amy-Jo Crowley in London. Additional reporting by Paul Sandle. Editing by Anousha Sakoui and Chizu Nomiyama )

(([email protected]))

May 21 (Reuters) - Singapore Telecommunications STEL.SI reported a 12.1% rise in annual underlying profit on Thursday, driven by strong contributions from India's Bharti Airtel BRTI.NS and other regional associates.

Southeast Asia's largest telecom operator said underlying net profit was S$2.77 billion ($2.17 billion) for the year ended March 2026, compared with S$2.47 billion in the previous year.

That missed the Visible Alpha consensus estimate of S$2.82 billion.

($1 = 1.2774 Singapore dollars)

(Reporting by Rajasik Mukherjee and Keshav Singh Chundawat in Bengaluru; Editing by Shailesh Kuber)

(([email protected];))