Despite reports that Indian state-owned firms Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL) have withdrawn from talks to join an investment group looking to buy a stake in Zain Group, consortium leader Vavasi has revealed that the group will still invite the telcos to partake in the due diligence process.
Vavasi managing director, Farid Afruddin, said: 'We are going to do the due diligence on Zain Telecom from next week. We will write to BSNL and MTNL to take part in the process along with us… We are keeping our options open.' If the two companies decline Vavasi's invitation, the investment group is expected to look for new partners to help fund the bid for a 46% stake in the Kuwaiti mobile group.
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