Questions arise over Zain stake sale

One of the largest foreign acquisitions in GCC history is in the spotlight as new questions emerge about the consortium that announced it would acquire 46 per cent of Kuwait’s telecommunications giant Zain Group for almost US$14 billion (Dh51.42bn).

Two state-owned Indian telecommunications companies originally announced as part of the group have denied being involved in the deal.

And issues have been raised about the lead member of the consortium, India’s Vavasi Group, by a Bahraini government minister and a respected leader of India’s technology industry.