Reliance Industries has refuted stories in the media about its interest and bid for UK's telecom major, BT.

A report in ET, earlier said that Reliance Jio was looking to expand its footprint in the United Kingdom and was interested in buying a stake in BT (formerly known as British Telecom).

A statement by Reliance has categorically denied the news and called the report baseless.

"We categorically deny any intent to bid for the UK telecoms group BT. The article is completely speculative and baseless," read the statement to the exchanges.

Reliance's shares rose 3.6 percent earlier in the day and closed 1.2 percent higher.

As per Reuter's report, BT has declined to comment on the media report.

Reliance Jio, India's leading telecom player, on Sunday announced up to a 20 percent hike in its prepaid tariffs starting December 1. Despite the increase, Jio has managed to keep the pre-paid rates lower than Airtel and Vodafone Idea, its main competitors.

Jio has its lowest rate for 28 days validity plan at Rs 91. Bharti Airtel and Vodafone Idea have increased the entry-level plan with 28 days validity to Rs 99.

Disclosure:

RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.

First Published:Nov 29, 2021 5:18 PM IST