Indian firms looking at Zain stake

India's Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam are undertaking due diligence to buy a stake in Zain, the Indian ambassador to Kuwait said in remarks published on Saturday.

Last week, the two state-run firms said they had not decided on whether to join a consortium that is buying a 46 percent stake in Kuwaiti telecom Zain.

"MTNL and BSNL are always looking for investment opportunities overseas to expand their operations. As for buying a stake in Zain group, the evaluation and due diligence is ongoing," ambassador Ajai Malhotra said, according to al-Qabas newspaper.