TOT Corp, one of Thailand’s two dominant telecoms operators, has had its IPO and business plan rejected by the country’s Ministry of Information & Communication Technology for being ‘unrealistic’, according to the Bangkok Post. The Ministry reportedly questioned the feasibility of a number of key issues in the telco’s strategy, including its projected revenues from non-voice services and investments in its launch of 3G mobile services. TOT recently tied up a deal with its fellow state owned incumbent CAT Telecom to take full control of their joint venture Thai Mobile and is keen to take full advantage of the cellco’s privileged status as Thailand’s only 3G licensee. The mobile operator has been a major obstacle in preparing both telcos for listings on the Thai Stock Exchange. The Ministry has asked TOT to resubmit a more detailed version of the business plan next week.