وبتصريح جديد لرئيس مجلس إدارة BSNL اليوم الجمعة أن عملية الفحص النافي للجهالة ستبدأ قريبا على دفاتر شركة زين .. وأيضا على مجموعة فافازي، وقال أيضا أنه لا توجد شراكة بينهم وفافازي حتى الآن "ماكو شي على الورق"
http://online.wsj.com/article/SB125628938372603517.html
BANGALORE -- India's state-owned Bharat Sanchar Nigam Ltd., along with Mahanagar Telephone Nigam Ltd., will soon begin due diligence on Kuwait's Mobile Telecommunications Co. and its bidding partner, Vavasi Group, BSNL's chairman and managing director said Friday.
"We have received the proposal from Vavasi, and MTNL and BSNL are looking at the proposal. We will do the due diligence soon," Kuldeep Goyal said at a press conference launching pre-paid broadband services.
Vavasi Group is looking for partners to buy a stake in Zain and has already tied up with Malaysia's Al-Bukhary group and is trying to add the two state-run Indian telecom operators to the consortium.
Officials at MTNL couldn't be reached for comment.
A stake in Zain will help BSNL and MTNL expand beyond India, where competition from aggressive private sector rivals is eating into their revenue and profit.
Mr. Goyal said Vavasi first approached BSNL with the proposal to buy a stake in Zain.
"We don't know Vavasi, so naturally if we want to go ahead with them, we have to do the due diligence. They are not our partners in the sense that we have signed any agreements," he said.
In September, Kuwait's Kharafi Group--which holds at least a 20% stake in Zain--invited small investors in Zain to sell their shares as part of a proposed sale of a 46% stake in a deal worth about $13.7 billion.
India's Religare Capital Markets Ltd. is currently advising the Vavasi-Al-Bukhary consortium on the deal.
Earlier this month, Dow Jones Newswires reported that the Vavasi-Al-Bukhary consortium had shortlisted large international banks to fund the buy if it goes through.
The funding structure is likely to be 25%-30% equity and the rest debt, the managing director of Vavasi Group, Farid Arifuddin, had said.
Mr. Goyal also said there were some proposals being considered for asset buys in Africa, but didn't add any specifics.
He also said no specific budget has been earmarked for international acquisitions.
"It depends on what opportunities we are able to finally grab," he said.
He said the company has already spent 60 billion rupees ($1.29 billion) from the total capital expenditure of 140 billion rupees earmarked for the current fiscal year.
