VSNL to bid for PTCL

7 Jan 2005

Indian long-distance and international telco VSNL is planning to bid for a 26% stake in Pakistan Telecom Company Limited (PTCL). The date for companies to declare their interest in the privatisation has been set at 28 January; Goldman Sachs and JP Morgan have been hired by the Pakistani government to advise on the sale. As it stands PTCL is 88% owned by the state with the remainder held by the public. The sale of the 26% is expected to raise in the region of USD750 million.