MTNL still seeking partner in Suntel

15 Aug 2008

State-owned Indian telco MTNL’s proposed acquisition of a stake in Sri Lankan wireless in the local loop (WiLL) operator Suntel is on hold while it continues to look for a joint venture partner, reports India’s Business Standard. ‘We are looking for a partner to pick up 50% in Suntel…All other issues have been settled,’ a senior MTNL official said, adding that MTNL wants to expand overseas due to shrinking domestic opportunities, and is focused on acquisitions rather than bidding for new licences. The official also said that MTNL does not want majority control of Suntel as it wants the Sri Lankan telco to remain an independent firm. MTNL is the preferred bidder for a stake in Suntel, although three other potential buyers were shortlisted in May 2007, namely India’s Tata Communications, Telekom Malaysia and Sri Lankan conglomerate John Keells Holdings. Suntel has an estimated half a million CDMA-based lines in service, and MTNL’s bid is thought to be in the range of USD100 million-USD120 million. Stockholm-based Overseas Telecom, an associated company of TeliaSonera, is currently Suntel’s largest shareholder with a 55% stake.

Subscribe

Subscribe to CommsUpdate to get the day’s top telecom headlines delivered to your email.

Subscribe to CommsUpdate

Feedback

Have feedback, corrections, or story ideas? Send them to editors@commsupdate.com.

Browse Past Issues

Filter

Filter CommsUpdate by the following categories or use the search.

Search

Visit our help page information on performing advanced searches, including how to restrict the results by country or company.

Advertise

CommsUpdate is an outstanding advertising venue for companies seeking to reach:

  • International carriers
  • Wholesale service providers
  • Equipment and software vendors
  • Telecom investors
  • Regulators

Learn more about advertising on CommsUpdate.

Share