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India’s Reliance denies Kuwait Zain stake link

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Monday, 07 September 2009
STAKE PURCHASE: India's Reliance denies interest in buying stake in Kuwaiti telco Zain. (Getty Images)
STAKE PURCHASE: India's Reliance denies interest in buying stake in Kuwaiti telco Zain. (Getty Images)

India's Reliance Communications is not in talks to buy a stake in Kuwaiti telecoms firm Zain or its African assets, a spokesman for the Indian firm said on Monday.

"We deny any such move," Gaurav Wahi, a Mumbai-based spokesman, told Reuters when asked whether India's second-ranked mobile operator was interested in Zain or its African assets.

Kuwaiti family conglomerate Kharafi Group is preparing to sell a stake in Zain, the second-largest telecommunications firm in the Gulf, in a deal that would value the investment at $13.7 billion.

Zain had said last month that it was in negotiations with three firms, including an Indian firm, to sell a stake in its African business, which represent about 62 percent of its customers.


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Two banking sources told Reuters in August that Reliance Communications had started talks to buy Zain's African operations and was in the preliminary stage of evaluating the deal. (Reuters)

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