By Sriram Mani and Tanvi Mehta
NEW DELHI (Reuters) - Indian conglomerate Adani Group, owned by billionaire Gautam Adani, said on Thursday that it does not have any plans to enter the country's telecom sector.
Adani, the world's third-richest man according to Forbes, has been diversifying his empire from ports to energy to now owning a media company.
However, the Adani Group has stayed away from India's telecom sector, where rival Mukesh Ambani's Reliance Industries' unit Jio became a dominant player by offering low-cost services since its debut in 2016.
"We have no plans or ambitions in telecom," Jugeshinder Singh, Adani Group's chief financial officer, said at a press conference in Mumbai.
Adani Enterprises' unit Adani Data Networks purchased airwaves worth nearly $27 million in the country's 5G auction last year.
However, at the time, the company has said it does not plan to offer consumer services and is instead aiming to enter the private 5G network space.
The conglomerate's aggressive expansion into sectors such as cement and healthcare has also raised concerns over its elevated debt levels, while its large promoter shareholding has also come under scrutiny.
Its proposed mega $2.5 billion follow-on public offering (FPO), which launches later this month, will be used for capital expenditure and to pay off debt at its units, the company has said.
"... (We are) doing the FPO to bring in new shareholders; wanted to expand shareholder register," Singh said.
(Reporting by Sriram Mani and Tanvi Mehta; Editing by Savio D'Souza)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app