No intention to bid for UK’s BT, Reliance clarifies

Reliance Industries NSE -0.27 % Ltd said on Monday it does not intend to bid for British telecom company BT Group Plc after a media report that the Indian oil-to-telecoms conglomerate was considering an offer.

Billionaire Mukesh Ambani’s Reliance might make an unsolicited offer to buy into BT Group or try to get a controlling share in it, the Economic Times reported on Monday, adding that the firm may also propose to partner with BT’s fibre optic arm, Openreach, and fund its expansion plans.