MTNL has abandoned its bid to buy 74 per cent stake in Zambian operator Zamtel following BSNL’s move to withdraw from the deal.

MTNL has abandoned its bid to buy 74 per cent stake in Zambian operator Zamtel following BSNL’s move to withdraw from the deal. MTNL and BSNL were to jointly bid for the stake.

MTNL, which had bid for licences in several countries including Kenya, Sri Lanka, Saudi Arabia and Bhutan, has so far been unable to extend its reach due to insufficient funds. As a part of its revised policy, the operator will now be sharing its 1,250 mobile towers in Delhi and Mumbai to increase its revenues, in addition to its optic fibre network with private operators.