www.WirelessFederation.com/news: AT&T, the USA based mobile operator, has reportedly approached the Indian state run telco BSNL for making an investment in the telco in order to re-enter the world’s fastest growing mobile market.
The possibilities of the roping in of government are not clear yet, though the sources unveil that an announcement will be a pre-IPO placement. “AT&T has expressed interest in BSNL. But BSNL top brass has conveyed to AT&T that only the government can decide on the matter,” a source reveals.
“The government is unlikely to sell a majority stake in BSNL, which is already undergoing restructuring. If at all there is a sale to a foreign operator, it will not be more than 26%, considering the sensitivity of the sector,” said this person.
The PSU is fully owned by the government, which is planning to take the company public. BSNL’s net worth is nearly Rs 81,000 crore, based on the balance sheet for FY08.
Looking at the net worth of the Indian telco, AT&T will have to invest more than Rs 16,000 crore for buying a one-fourth stake in the company. According to a media report, AT&T spokesperson McCall Butler said: “We do not comment on rumours or speculations.”
BSNL chairman and MD Kuldeep Goyal also denied the development. “BSNL is not even listed and any such move will require a lot of regulatory approvals,”.
