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SA team coming for MTN talks

A high level South African delegation comprising senior government officials is likely to visit India next week as the discussions between Bharti Airtel and MTN for a proposed merger deal reaches a critical stage.

india Updated: Sep 16, 2009 23:45 IST

A high level South African delegation comprising senior government officials is likely to visit India next week as the discussions between Bharti Airtel and MTN for a proposed merger deal reaches a critical stage.

Finance ministers of India Pranab Mukherjee and South Africa Pravin Gordhan recently discussed dual listing of the proposed merged entity Bharti-MTN in South Africa and India.

Dual listed companies retain their regional status and share profits or losses. They retain their national character, which is why South African officials and politicians are insisting on this form of listing.

South Africa views MTN as a jewel in its crown. However, Indian rules do not permit dual listing as it requires a change in foeign exchange management act and the companies act. It also involves full capital account convertibility.

Finance ministry sources said the South African delegation would discuss this issue with the Indian government officials.