Mumbai: Billionaire Mukesh Ambani's Reliance Industries is weighing a bid for Deutsche Telekom AG's Netherlands subsidiary, according to people familiar with the matter.
The Indian conglomerate is working with an adviser to evaluate an offer for T-Mobile Netherlands BV, the people said, asking not to be identified discussing confidential information. Deutsche Telekom is seeking about 5 billion euros ($5.9 billion) in any sale, the people said.
Reliance is India's largest company by market value, with a business that spans oil refining, petrochemicals, retail and telecommunications. A deal for T-Mobile Netherlands would represent a rare purchase in Europe and come as Ambani tries to transform Reliance from an old-economy conglomerate into a technology and e-commerce titan.
Ambani has said previously that he eventually wants to expand Reliance's digital unit, Jio Platforms, overseas and last year secured more than $20 billion of backing from investors including Facebook.
It considered a sale of the unit in 2015 to raise funds to buy wireless frequencies in the US, before deciding to keep the business. In 2019, T-Mobile Netherlands merged with Tele2 AB's operations in the country to create one of the biggest local carriers.