South Africa-based MTN group?s board of directors has approved $1 billion (Rs 10.65 billion) expenditure for venturing into the Indian telecom industry. Currently, the group currently is exploring opportunities for partnerships with players including Tata Group, Videocon Group and Aircel.
MTN has already held talks with Tata Group, with respect to buying NTT DOCOMO?s stake in Tata Teleservices Limited (TTSL). Meanwhile, it is exploring into holding discussions with the Videocon Group and Aircel.
MTN Group?s previous attempts into foraying into the telecom industry include its detailed discussions with Reliance Communications for a merger in 2008 and with Bharti Airtel for a potential Rs 24 billion merger in 2009, both of which were eventually called off.
