State-owned Bharat Sanchar Nigam Ltd (BSNL) is likely to exit the consortium comprising Delhi-based Vavasi Group and Malaysia's Al-Bukhary to acquire 46 per cent in Kuwait's Zain Telecom.Talks, which have been on for two months, have fallen through over valuations, and Vavasi is expected to announce a new consortium partner in a week or two. Vavasi Group Managing Director Farid Afruddin declined to comment on this information.
In one of the largest deals in West Asia, a consortium of Indian telecom firms led by Delhi-based Vavasi Group, which also hopes to rope in state-owned Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL) and a Malaysian investor, will acquire a 46 per cent stake in Kuwaiti telecom company Zain for around $13.7 billion.MTNL and BSNL said they would like to clarify that no view has been taken regarding their participation in the consortium.
