MTNL and BSNL on acquisition trail

9 Oct 2009

State-run Indian telcos MTNL and BSNL are looking to join a consortium with Indian firm Vavasi and a Malaysian investor as they seek to bid for Kuwait’s Zain Group and a stake in Zambian telco Zamtel. According to Reuters, earlier in the week BSNL’s chairman said the consortium was interested in a stake of more than 50% of Zain. Meanwhile MTNL has gone on the record as saying it may bid for Zamtel, up to 75% of which is on the market after the Zambian government put it up for sale as part of a privatisation drive. The Zambia Development Agency says Zamtel has attracted more than 30 potential bidders, and it plans to announce shortlist of eligible companies on 21 October.