Telecom Italia's biggest shareholder is controlled by Pirelli, the Italian tyre and real estate group.
The Hinduja Group, which has evinced interest in acquiring India's fourth-largest mobile operator Hutchison Essar, is also considering to buy part of a controlling stake in Telecom Italia, media reports said in London.
The Hinduja group says it will bid for Italian tyre and real estate major Pirelli's stake in Telecom Italia only if the acquisition gives it management control in Italy's largest telecommunications operator.
Telecom Italia is targeting to reduce the debt significantly over the period 2009-2011. It plans to reduce net debt to earnings before by interest, tax and depreciation and amortisation ratio to 2.3 at the end of 2011 from over 3 at present.
Tata group company VSNL has signed an MoU with leading global telecom firms to construct a new submarine cable linking India, the Middle East and Western Europe.
The Hinduja Group on Friday said it is likely to start examining the books of Hutchison Essar Ltd next week and has arranged funds for a possible bid to acquire a controlling stake in the mobile firm.
They beat Joshua Eagle and Jared Palmer in the quarter-final of the Italia Masters. \n\n
The Aussie pair, which beat Mahesh Bhupathi and Max Miryni in the semis, did not drop a set at the $2.45 million event. \n\n
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