MTNL’s Suntel acquisition stuck in search of right partner (India)MTNL has made it’s first-ever overseas acquisiton, which stuck in search of the joint venture partner to pick up 50% of the stake in Sri Lankan operator Suntel, reports ET.
“We are looking for a partner to pick up 50 per cent in Suntel, all other issues have been settled,” a senior MTNL official said.
According to the official MTNL’s acquisiton of Suntel is for the purpose of expansion of the business overseas market due to shrinking domestic opportunities and it prefers to outright acquisitions rather than bidding for licences.
MTNL does not want a majority control in Suntel and wants it to be an independent firm, not MTNL subsidiary.
According the sources the bid is of around 100-120 million dollars.
