MTN\u2019s board has approved $1 billion (R10.65 billion) for expansion into India, with the group reportedly in talks with three firms based in the Asian country.<\/p>\n
CNBC TV18 reported that MTN executives are currently in India to explore opportunities with multiple players including Tata Group, Videocon Group and Aircel.<\/p>\n
The channel reported that MTN\u2019s board has approved a $1 billion expenditure in India.<\/p>\n
It said that MTN has already held talks with Tata Group, twice, with respect to Tata Teleservices. \u201cThey are also exploring conversations with other players including Videocon and Aircel,” a CNBC TV18 reporter said.<\/p>\n
MTN Group president and CEO, Sifiso Dabengwa, however,\u00a0 poured cold water over any current deals in India, in answering questions at the group’s interim results presentation last week.<\/p>\n
\u201cBankers continuously come to our offices with potential acquisitions and potential transactions\u2026we always investigate, or look into them. Up until now we haven\u2019t really found anything that was worth doing,” Dabengwa said.<\/p>\n
“Yes we will get bankers coming with opportunities in India, with opportunities in Mexico, in Australia\u2026so we are continuously looking for meaningful opportunities.”<\/p>\n
He said that MTN was not looking for geographic expansion simply for the sake of it, adding that some of the comments made in the press were not accurate.<\/p>\n
Videocon Group is a maker of consumer electronics in India; however it also has its own line of mobile phones, and through Videocon Telecommunications, it has a licence for mobile service operations across India.<\/p>\n
Aircel is an Indian mobile network operator headquartered in Chennai.<\/p>\n
Last year, MTN Group<\/a> held detailed discussions for a potential acquisition in India with\u00a0Reliance Communications<\/a>, the\u00a0company\u00a0it tried unsuccessfully to merge with in 2008.<\/p>\n However, the talks were put on hold, according to Bloomberg, citing \u201cthree people with knowledge of the situation\u201d.<\/p>\n The media house said that MTN had been discouraged by a revision in India of its telecommunications mergers and acquisitions rules.<\/p>\n MTN has also previously held talks with Bharti Airtel for a potential R24 billion merger deal in 2009, which was called off.<\/p>\n MTN linked to India\u2019s biggest telcos<\/strong><\/a><\/p>\n MTN in mega deal in India?<\/strong><\/a><\/p>\n MTN India venture put on hold: report<\/strong><\/a><\/p>\n MTN courting India acquisition: report<\/strong><\/a><\/p>\nMore on MTN<\/h3>\n