Monday, October 12, 2009

India - MTNL is looking to acquire the Zain Group and Zamtel

[reuters] Indian state-run telecom Mahanagar Telephone Nigam is looking to move ahead with a consortium bid for Kuwait telecom Zain and is also interested in buying a stake in Zambian telecom firm Zamtel.

Chairman R.S.P. Sinha said MTNL and another state-run telecom, Bharat Sanchar Nigam Ltd would join a consortium with Indian firm Vavasi and a Malaysian investor to buy a 46 stake in Zain being sold by a group including Kuwaiti family conglomerate Kharafi Group.

"We are going with Bharat Sanchar," Sinha told reporters on Thursday, adding as state-run firms there were a number of requirements to be met as part of the bid process.

For example, the companies would have to advertise for expressions of interest from merchant bankers to advise them, Sinha said, without giving an expected timeframe.

The state-run firms would also need approvals from different ministries and the cabinet for a deal to be completed.

On Monday, BSNL's chairman said the consortium was interested in a stake of more than 50 percent in Zain.

India's MTNL interested in Zain and Zambia's Zamtel

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