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Jio Platforms reportedly approached Comcast and Charter about licensing its wireless broadband technology in exchange for possible equity stakes, signaling a US expansion push. Source: Benzinga.
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Elon Musk Wants to Challenge Mukesh Ambani in India, But Jio Could Be Heading to His Backyard — Comcast and Charter Approached in US Expansion Push: Report India’s Mukesh Ambani-led Jio Platforms has reportedly approached multiple companies, including Comcast Corp. (NASDAQ: CMCSA) and Charter Communications Inc. (NASDAQ: CHTR), to explore licensing its wireless broadband technology in return for possible equity stakes. Jio’s US Ambitions Unfold Amid Musk-Starlink Dispute Jio also explored a potential arrangement with South Africa-based MTN Group, but negotiations fell apart after the two parties failed to reach consensus on the company’s valuation and several technology licensing terms, Reuters reported, citing people with knowledge of the discussions. The Indian company has yet to set a timeline for finalizing an agreement with any of the firms it has approached, the report added. Jio, which made its stock market debut in Mumbai last week following a record $3.2 billion IPO, could gain a foothold in the U.S. through an agreement with Comcast or Charter. The potential partnerships come as cable operators face growing competition from fixed wireless and fiber providers for U.S. home broadband customers, the report noted. Comcast, Charter, Jio and MTN did not immediately respond to Benzinga’s request for comment. The developments come at a time when Space Exploration Technologies Corp. (NASDAQ: SPCX) CEO Elon Musk intensified his public dispute with Reliance Industries chairman Mukesh Ambani over the delay in approval of Starlink in India. Last month, Musk argued that affordable Starlink internet could challenge Jio’s dominance in India. Musk criticized “Ambani’s army of internet shills” on X, saying their claims about Starlink’s competitive threat were contradictory. Musk had previously alleged that powerful business interests were blocking Starlink’s commercial launch in India. Reliance had defended India’s regulatory framework without directly naming Musk. Reliance said India welcomes investment and innovation from domestic and international companies but noted that businesses must comply with the country’s laws. Read Also: Comcast Calls Rival Broadband Pricing 'Irrational' As Competition Heats Up SpaceX Takes On US Telecom Operators Last month, SpaceX slammed legacy telecom operators like T-Mobile US Inc. (NASDAQ: TMUS) in a letter to the Federal Communications Commission (FCC) over the agency’s proposed spectrum rule changes. SpaceX said that the agency should reject the "technically unsound recommendations from the Aerospace and Flight Test Radio Coordinating Council (AFTRCC) and T-Mobile," which want power limits on satellite transmissions, saying the signals could interfere with flight telemetry tracking systems. Shares of T-Mobile have been under pressure recently over fears that SpaceX could challenge America’s established mobile operators. However, telecommunications expert William Webb believes investors are overreacting given the enormous cost and difficulty of building a network capable of competing with the established carriers. Verizon Communications Inc. (NYSE: VZ) CEO Dan Schulman had echoed similar thoughts. During the telecom operator’s third-quarter earnings call, Schulman said that SpaceX would have to spend $500 billion to compete with traditional cellular service providers. Earlier this week, it was reported that SpaceX was seeking a back door into the U.S. wireless market after the major carriers rebuffed its requests for network access. Shares of SpaceX closed 3.62% higher at $141.31 on Tuesday, while Comcast closed 0.84% lower at $23.67. Charter declined 1.51% and closed at $113.79. See More: Top Value Stocks Image via Shutterstock