Ambani's Jio explores tech-for-equity talks with Comcast and Charter, sources say

Jio Platforms

Tue 19:24

Jio wants 10-15 global partners for its wireless home internet technology
Earlier talks with South Africa’s MTN broke down over valuation, sources say
By Amy-Jo Crowley and Aditya Kalra
LONDON/NEW DELHI, Nov 3 (Reuters) - Indian billionaire Mukesh Ambani's Jio Platforms has held talks with several companies including Comcast CMCSA.O and Charter Communications CHTR.O about licensing its wireless broadband technology in exchange for potential stakes in the businesses, two people familiar with the matter said.
Jio JIOP.NS also held discussions with South Africa's MTN Group MTNJ.J, but the talks broke down because the two sides were unable to agree on valuation and certain licensing issues, the people said. 
The people said there was no timetable for reaching a deal  with any of the parties that Jio has spoken to. 
Jio, which listed in Mumbai last week after a record-breaking $3.2 billion IPO, did not respond to Reuters queries.
Spokespeople for Comcast and Charter declined to comment.
Controlled by Ambani's Reliance Industries RELI.NS, Jio has for months signaled plans to expand internationally with its proprietary broadband technology, which Reliance calls a “global first”. 
The system runs on free, unlicensed Wi-Fi frequencies, making it cheaper to deliver internet to homes than traditional cable networks or mobile-based services.
Jio said last week it was targeting 10 to 15 partners globally for its technology platform that works on so-called unlicensed band radio. It works without cable connections to homes, using transmitters mounted on nearby towers or rooftops to beam high-speed internet over Wi-Fi frequencies to receivers installed on buildings.
MTN could not persuade Jio to invest at a satisfactory valuation, said one of the people. The financial details of the potential partnership were not immediately clear.
MTN said it does not comment on market speculation.
      


 (Reporting by Amy-Jo Crowley in London and Aditya Kaira in New Delhi; additional reporting by Ed Lee. Editing by Elisa Martinuzzi and Emelia Sithole-Matarise)
 ((Email: aditya.kalra@tr.com; X: @adityakalra;))