New Delhi, Dec 2 (Inditop.com) State-run telecom major Bharat Sanchar Nigam Ltd (BSNL) Wednesday said its plan to acquire Kuwait-based Zain Telecom has been put on hold.
BSNL and another state-run operator, Mahanagar Telephone Nigam, were considering partnering the Delhi-based Vavasi group and its Malaysian partner, billionaire Syed Mokhtar al-Bukhary, for acquiring a 46 percent stake in Zain.
However, BSNL chairman and managing director Kuldeep Goyal Wednesday said his company was yet to receive any feedback from Vavasi.
“We have sought information from the Vavasi group about the company itself (Zain), which we have not received yet. It could be implied that the acquisition plan is on hold,” Goyal told reporters here.
The Vavasi group has diverse interests, including telecommunication and renewable energy sectors.
The group, along with its Malaysian partner, had signed an agreement with Kuwaiti conglomerate Kharafi Group, which owns stake in Zain, for buying 46 percent stake in the telecom firm for $13.7 billion.
