Ending speculation about telecom ambitions, Adani Group, owned by billionaire Gautam Adani, said it has no plans to enter the country’s telecom sector.
While speculations are rife that Adani could make a surprise entry into the telecom sector, as the future of Vodafone Idea is uncertain, Adani Group clarified that it has no plans to enter telecom. “We have no plans or ambitions in telecom,” Jugeshinder Singh, Adani Group’s chief financial officer, said at a press conference in Mumbai.
Adani made a surprise entry into the telecom space in June 2022 while submitting the EMD to participate in the 5G auction. While the ports-to-energy company bought mm-wave spectrum worth ₹200 crore in the auction, the company noted even then that it would not be entering the consumer mobility space. Adani is likely to utilise the spectrum to set up private networks in its manufacturing facilities.
As Vodafone Idea struggles to pay its dues, it opens the door for a new investor into the telecom space. However, Adani appears to have ruled itself out of the race.