Reliance Comm in talks for Zain's Africa biz: Sources
Reliance Communications is in talks to buy Kuwaiti telecoms firm Zain's African assets, two banking sources with knowledge of the development said.india Updated: Aug 18, 2009 12:02 IST
Reliance Communications, India's No 2 mobile operator, is in talks to buy Kuwaiti telecoms firm Zain's African assets, two banking sources with knowledge of the development said.
"They are in preliminary stages of evaluating the deal," one banking source said on Tuesday. "They have no adviser as yet for the deal but they will start soliciting bids for advisory."
Another source also said the talks were underway.
According to an Indian daily Zain's African operations were valued at $10 billion.
A spokesman for Reliance Communications was not immediately available for comment.
Zain Chief Executive told Kuwait daily newspaper Al-Rai that the firm was in talks with three major telecoms firms, including one from India, to sell all or part of its African operations.
The Kuwaiti firm said last month it was reviewing a possible sale of its African operations -- minus Morocco and Sudan -- after French media and telecoms giant Vivendi called off talks to buy a majority stake in the African business.