By Rania El Gamal
Indian ambassador to Kuwait confirms development in published remarks.
India's Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam are undertaking due diligence to buy a stake in
, the Indian ambassador to Kuwait said in remarks published on Saturday.
Last week, the two state-run firms said they had not decided on whether to join a consortium that is buying a 46 percent stake in Kuwaiti telecom
"MTNL and BSNL are always looking for investment opportunities overseas to expand their operations. As for buying a stake in
, the evaluation and due diligence is ongoing," ambassador Ajai Malhotra said, according to al-Qabas newspaper.
The Indian embassy could not be reached for comment on Saturday.
Family conglomerate Kharafi Group, a major shareholder in
, has said it would sell a 46 percent stake in
- comprising its estimated 20 percent holding plus that of other shareholders - in a deal that would be worth around $13.7 billion.
A consortium of Indian telecom companies and a Malaysian investor signed an agreement on Tuesday to buy the stake.
Kharafi Group's vice president Badr al-Kharafi said on Tuesday the consortium is led by India's Vavasi Group and includes regional telecom companies BSNL and MTNL, and Malaysian billionaire Syed Mokhtar al-Bukhary. (Reuters)For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.