India's Reliance Industries refutes report it's interested in BT

India’s Reliance Industries has refuted a report it is considering making an offer for London-listed BT Group.

The Economic Times cited sources familiar with the matter as saying that billionaire Mukesh Ambani's Reliance might make an unsolicited offer or try to get a controlling stake in the company. It said the firm may also suggest partnering with BT's fibre optic arm Openreach and funding its expansion plans.

However, Reliance said on Monday that it does not intend to bid for BT.

In September, a consortium of Apax and Warburg Pincus outbid Reliance for control over a Dutch unit of T-Mobile.

The Economic Times had said that deliberations between Reliance and BT were in the early stages and a transaction might not occur.

At 1110 GMT, BT shares were up 6% at 163.20p.