A consortium led by Delhi-based Vavasi Group, which is planning to buy stake in Kuwait-based operator Zain, has stated that it is willing to give a majority stake in the consortium to Bharat Sanchar Nigam Limited (BSNL) or Mahanagar Telephone Nigam Limited (MTNL), depending on which company gets the government’s approval to buy stake in Zain. The Vavasi Group is in negotiations with Kuwait’s Kharafi family to buy 46 per cent stake in Zain for about $13.7 billion. By getting over 50 per cent stake in the consortium, BSNL or MTNL would control 23 per cent of Zain’s equity.
Meanwhile, according to reports, BSNL is seeking to buy majority stake in Zain.
The latter is yet to decide on the offer.
