MUMBAI – India’s Reliance conglomerate denied Monday it was considering a bid for British telecoms giant BT, calling a local media report “completely speculative and baseless”.

“We categorically deny any intent to bid for the UK telecoms group,” Reliance said in a statement to India’s stock exchanges.

“The article is completely speculative and baseless. We expect greater diligence and verification of facts before publishing such articles.”

India’s Economic Times reported earlier Monday citing unnamed sources that Reliance chairman Mukesh Ambani, Asia’s richest man, was in “early-stage deliberations” regarding a takeover.

The report added that it was unclear whether Ambani had met with BT’s top executives.

The Times story follows a Bloomberg News report in August that Reliance had weighed a bid for T-Mobile Netherlands.

The Mumbai-headquartered firm has grown on the back of its oil and petrochemicals business. In recent years it has expanded into other sectors including retail and telecoms.

Formerly state-owned BT operates the UK’s largest broadband and mobile phone networks.