Home / Companies / News /  Reliance Industries denies BT Group bid intent

India’s Reliance Industries Ltd. on Monday denied that it was considering a bid for U.K. telecom group BT Group PLC.

Responding to a report in The Economic Times, Reliance said that it “categorically" denied any intent to make a bid for BT and that the article was “completely speculative and baseless."

Shares in BT rose as much as 9.5% in early trade. They are currently up 8.80 pence, or 5.7%, at 162.80 pence having peaked at 168.60 pence earlier in the session.

The Economic Times reported earlier Monday that Reliance was weighing a bid for BT, citing unnamed sources.

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