BSNL, MTNL interested in Zain deal: Kuwait`s Kharafi

Last Updated: Saturday, October 3, 2009 - 23:19

Kuwait: Bharat Sanchar Nigam and Mahanagar Telephone Nigam are interested to join a consortium to buy up to 46 percent of Kuwaiti telecoms Zain, Kuwait`s Kharafi Group said.
Last month, Kharafi, a major shareholder in Zain, said it has agreed to sell its estimated 20 percent stake, and an additional 26 percent from other stakeholders, to a consortium led by India`s Vavasi Group, and including regional telecoms BSNL and MTNL and Malaysian billionaire Syed Mokhtar al-Bukhary.

But later BSNL and MTNL said they had yet to decide on joining the consortium, raising doubt that the deal would actually go through.

"The Kharafi group... has received an official letter addressed to Vavasi stating that BSNL & MTNL`s are interested to participate in the proposal for buying up to 46 percent of Zain`s shares from the Kharafi group," Kharafi said in a statement on Saturday.

Bureau Report



First Published: Saturday, October 3, 2009 - 23:19
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