Reliance Industries Ltd said on Monday it does not intend to bid for British telecom company BT Group Plc. after a media report that the Indian oil-to-telecoms conglomerate was considering an offer.

Billionaire Mukesh Ambani’s Reliance might make an unsolicited offer to buy into BT Group or try to get a controlling share in it, the Economic Timesreportedon Monday, adding that the firm may also propose to partner with BT’s fibre optic arm, Openreach, and fund its expansion plans.

“We categorically deny any intent to bid for the UK telecoms group BT. The article is completely speculative and baseless,” Reliance saidin a stock exchange filing, according to a Reuters report from Bengaluru.

BT declined to comment on the media report.

India’s telecoms market, one of the world’s biggest, has been upended by Ambani-controlled Jio Infocomm, which launched with free voice and cut-price data in late 2016.

Ambani has forced several rivals out of the market while others such as the local unit of Britain’s Vodafone and India’s Idea merged to withstand the Jio’s onslaught.

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

Meanwhile, Indianbroadcastingworld.com learns that GlobalData has placed Reliance Industries as a leader in the telecom services scorecard.

In a report, the UK-based Verdict  said that Reliance Jio’s strong telecom convergence offer is one of the key reasons it has beaten its rivals in such a short span of time. No doubt its rivals have been closely following its strategies. Airtel, the closest competitor in both the mobile and fixed telecom spaces, has also invested heavily in digital media and streaming services. It has ventured into TV, OTT, and data subscriptions.

“We expect converged services to be a key differentiator to operators as it acts as both a market differentiator and an additional source of revenue. Telecom operators will find huge opportunities in offering integrated services to their clients as they compete head-on for future 5G services,” the Verdictsaid.