Indian firms do not confirm participation in Zain deal

Mergers, Acquisitions and Financial Results

A proposed consortium made up of India’s Vavasi Group, regional telecom companies BSNL and MTNL and a Malaysian investor is yet to decide on a deal to buy a 46 percent stake in Kuwaiti telecom Zain. The Indian firms have issued an official clarification on the proposed deal after Reuters news agency reported on Tuesday and Wednesday that the sides had reached an agreement.

In their clarification, the Indian companies claimed they are not part of any consortium. "MTNL & BSNL would like to clarify that no view has been taken regarding participation in the said consortium as reported in Reuters," the statement said. “However, MTNL & BSNL are always on the look out to explore all types of overseas business opportunities to expand their operations,” it added.

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