Jio Platforms in talks with global firms including Comcast, Charter for tech-for-equity deal: Report

Mukesh Ambani-led Jio Platforms is reportedly in talks with several global telecom companies, including Comcast and Charter Communications, to licence its wireless broadband technology in exchange for potential equity stakes, according to people familiar with the discussions.

According to a report in Reuters, Jio had also held talks with South Africa’s MTN Group, but the discussions fell through after the two sides failed to agree on valuation and certain licencing issues. There is no timetable for reaching an agreement with any of the companies approached, the sources told the news agency.

Jio listed in Mumbai last week following a record $3.2 billion initial public offering.

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Controlled by Reliance Industries, Jio is seeking to expand internationally through its proprietary unlicensed band radio (UBR) technology, as per the report. The system uses unlicensed Wi-Fi frequencies to deliver high-speed broadband through transmitters mounted on nearby towers or rooftops, without requiring cable connections to homes.

The technology could help US cable operators Comcast and Charter offer broadband services at lower costs as they face growing competition from fibre and fixed wireless providers. Comcast had about 28.3 million residential broadband customers at the end of September, while Charter had around 29.4 million internet customers in June. Both have been losing customers to competing services.

Jio said last week it was targeting 10 to 15 global partners for its technology platform. The company has nearly 15 million wired broadband users in India, while Reliance said UBR-powered users have crossed 6.5 million.

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Jio’s international expansion is being led by Dan Bailey, a former Deutsche Bank technology, media and telecom executive, and senior company executive Mathew Oommen.

Managing Director Akash Ambani said the company wanted to take UBR technology to developed and developing markets, while remaining selective about where it expands. Jio intends to operate as a technology-led business overseas rather than build its own networks in foreign markets.