Jio Financial denies being in talks to buy Paytm wallet business

Jio Financial Services has denied media reports that it is in talks to purchase the wallet business of One 97 Communications, the parent company of Paytm.

Jio Financial Services has denied media reports that it is in talks to purchase the wallet business of One 97 Communications, the parent company of Paytm.

"We clarify that the news item is speculative and we have not been in any negotiations in this regard," JFSL stated in a regulatory filing on Monday night. The clarification came after the Bombay Stock Exchange (BSE) sought comment on the potential acquisition.

One 97 Communications also dismissed the reports as “speculative”, clarifying it has not engaged in any negotiations with Jio Financial to sell its wallet business.

“We have been informed by Paytm Payments Bank Limited, our associate company, that they also have not been in any negotiations in this regard.