Bharat Sanchar Nigam Ltd is unlikely to join a consortium looking to buy a 46 per cent stake in Kuwaiti telecom Zain, a leading newspaper reported on Wednesday, citing unnamed sources.
Talks with India's Vavasi Group and Malaysia's Al-Bukhary have fallen through over valuations and Vavasi is expected to announce a new consortium partner in a week or two, the newspaper said.
BSNL and another state-run firm Mahanagar Telephone Nigam Ltd have previously said they were examining a proposal to join the consortium.
Vavasi group Managing Director Farid Afruddin declined to comment, the paper said. BSNL Chairman Kuldeep Goyal could not be immediately reached for comment.