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'No Activity To Report,' Says Bharti Airtel On Buying Interest By Amazon

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On buying interest by Amazon, the telecom giant Bharti Airtel on Thursday after market hours clarified that it regularly ventures with OTT and digital platforms and so no other activity to inform about.

'No Activity To Report,' Says Bharti Airtel On Buying Interest By Amazon
 

"We routinely work with all digital and OTT players and have deep engagement with them to bring their products, content and services for our wide customer base. Beyond that there is no other activity to report," Bharti Airtel said in a statement.

As per a Reuters report, Amazon for a 5% stake buy-out was considering investment worth $2 billion in Bharti Airtel. Also, in the report there was mentioned that the 2 companies could agree on a commercial transaction where Airtel would be offering Amazon's products at cheaper rates.

Earlier in May, the company through stake sale to institutional investors in the secondary market aggregated Rs. 8443 crore. And the entire sale proceed shall be used to pare the company's debt at Bharti Telecom.

Also, to be noted here that on lines of RIL's Jio platforms, Airtel has detailed its plans to combine tech and telecom for building a digital platform. And for its this ambition, it is betting upon its 4 strengths including data, distribution, payments, and network.

GoodReturns.in

Read more about: amazon airtel
Story first published: Friday, June 5, 2020, 6:49 [IST]
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