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Bankers keen to plan BSNL-MTNL merger
BS Corporate Bureau in New Delhi |
October 21, 2004 11:18 IST
Last Updated: October 21, 2004 11:28 IST
Six investment bankers have submitted expressions of interest to work out a roadmap for synergies between the state-owned telecom companies Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd. Senior Department of Telecommunication officials said the names of the adviser would be finalised over the next two weeks. Officials said the adviser would be given three months to finalise its recommendations.
The adviser for the merger will evaluate all possible options and also the aspects, which have created roadblocks in the way of merger between the two public sector telecom companies.
Thirteen firms, including HSBC, Ernst & Young, JP Morgan, Lazard, ICICI Securities, Kotak Mahindra, SBI Capital, Boston Consulting and Accenture, had been shortlisted by a joint evaluation committee of DoT and the Department of Disinvestment officials.
Some initial consultations with former officials of the DoT and former heads of the two companies have been held. The government had earlier turned down the requests by BSNL and MTNL to expand services beyond their existing service areas.