Airtel states reports of Amazon looking to buy $2 bn stake in the company as speculation
By MYBRANDBOOK
A day after various reports, citing sources, stated that Amazon was in talks to buy a stake in Bharti Airtel for $2 billion, the telecom major has downplayed this as mere speculations. "Such speculative reporting while moving the stock price leads to unwarranted consequences and can result in reputational impact," the operator said in a statement.
A newspaper had claimed that Amazon.com was in early-stage talks with Airtel. A deal with Bharti could help Amazon expand offerings via its smart speakers and also boost its cloud business as access to Bharti's vast telecom fibre network could help Amazon lower costs, as per the report.
Interestingly, this is the second similar news that has made headlines within a week. Last week, a newspaper report said that tech giant Google was in talks to buy five per cent stake in Vodafone Idea. However, in a similar statement by Airtel, Vodafone Idea had denied the news.
The new-found interest in the Indian telecom sector has come about after Facebook bought 9.99 per cent stake in Reliance Industries' digital arm, Jio Platforms, for Rs 44,000 crore in April.
Airtel and Vodafone Idea, which were reeling under the big bang entry of Reliance Jio, dealt another major blow in October last year when the Supreme Court ruled that the companies owe nearly Rs 93,000 crore to the Department of Telecom. However, the growing internet base in the underpenetrated Indian market makes it an attractive business opportunity for the US tech giants.
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