Indian telecoms confirm Zain interest

The largest foreign takeover of a Middle Eastern company appears to be back on track after two major Indian state-owned telecommunications companies confirmed their involvement in the acquisition of Zain.

BSNL and MTNL are expected to provide the bulk of the more than US$10 billion (Dh36.73bn) needed to complete the buyout. Both companies were linked to the purchase when it was announced, but subsequently issued statements saying they were yet to confirm their participation.

But Kuldeep Goyal, the chairman of BSNL, India’s largest telecoms company, was quoted in India’s Business Standard as saying the firm “has started the process of negotiations for acquisition of a controlling stake in Zain”, Kuwait’s largest public company.