PM pats Bharti for efforts on MTN deal

Posted By: Staff
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Pittsburgh, Sep 26: Prime Minister Manmohan Singh appreciated Bharti group's efforts for acquiring stakes in South African telecom gaint MTN in a discussion with President Jacob Zuma.

He added that he hoped that the deal would be completed without 'discrimination'.

"As far as MTN issue is concerned, I mentioned it to (President) Zuma. I sincerely hope that this deal would go through and there will be no discrimination against it," said he.

Singh said officials of the two countries would discuss the issue.

Bharti and MTN were contemplating a $23 billion deal to build the world's third largest mobile firm catering to 200 million subscribers.

The initial agreement stated that MTN and its shareholders would acquire 36 per cent stake in Bharti and Bharti would acquire 49 per cent stake in MTN.

The process would record a $13 billion transaction in cash and $10 billion in shares.

OneIndia News

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