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BSNL had proposed to dilute 10 per cent of the government's equity holding through an IPO to raise about $10 billion. However, the offering was put off amid opposition from the employees union. The company is yet to decide on a bidder for the western region.
Eager to expand its footprint overseas, state-owned Bharat Sanchar Nigam Limited said on Tuesday it has a war-chest of about $6 billion (approximately Rs 30,000 crore) and is looking for acquisitions, especially in South Africa. The PSU is looking at Africa as an area of focus as it is an emerging region and also culturally, financially, African countries suit more to India firms.
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