Adani Data Networks, a unit of Adani Enterprises, bought airwaves worth about $27 million in the country's 5G auction last year.
Adani Group on Telecom Sector: Gautam Adani 's Adani Group , one of the world's richest billionaires, said on Thursday that it is not planning to enter the Telecom Sector . Adani, the world's third-richest person according to Forbes, is expanding his empire from ports to energy and now owns a media company.
However, the Adani Group stayed away from India's telecom sector, where rival Mukesh Ambani's Reliance Industries unit Jio has become a major player since its launch in 2016 by offering low-cost services.
5G airwaves were bought for $27 million
Adani Group's CFO Jugeshinder Singh said in a press conference in Mumbai that we have no plans or ambitions in his telecom. Adani Data Networks, a unit of Adani Enterprises, bought airwaves worth about $27 million in the country's 5G auction last year. However, at the time, the company had said that it was not planning to offer consumer services and was instead aiming to enter the private 5G network space.
Will reduce debt with the money raised from FPO
The group's aggressive expansion in sectors such as cement and healthcare has also raised concerns over its rising debt levels, while its large promoter shareholding has also come under scrutiny. The company has said that its proposed mega $ 2.5 billion FPO, which will be launched later this month, will be used for capital expenditure and to repay debt on its units. He said (we) are coming up with FPOs to bring in new shareholders and expansion of shareholders.
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