BSNL earmarks Rs 30,000 cr for foreign buys

Agencies
Posted: Tuesday, Jun 23, 2009 at 1447 hrs IST
Updated: Tuesday, Jun 23, 2009 at 1447 hrs IST

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New Delhi: Eager to expand its footprint overseas, state-owned BSNL said it has a war-chest of about six billion dollars (approximately Rs 30,000 crore) and is looking for acquisitions, especially in South Africa.

"We are looking at various options, whether it is new licences being issued or partnering with existing players in the overseas markets," BSNL Chairman and Managing Director Kuldeep Goel said on the sidelines of a conference.

"We have cash balance of over Rs 30,000 crore with us and BSNL has already got a go-ahead from the government to apply for overseas licenses," he added.

South Africa is one of the potential markets for acquisitions.

The PSU is looking at Africa as an area of focus as it is an emerging region and also culturally, financially, African countries suit more to India firms.

The state-run firm offers telecom services throughout the country except in Delhi and Mumbai where MTNL operates.

The PSU has already shortlisted eight consultants, including Ernst & Young, McKinsey, KPMG and PriceWaterHouseCoopers, for its plans of mergers and acquisitions, strategic partnerships and overseas forays.

According to sources, BSNL has also empaneled British Tele Consults, Value Partners, PRPM Consults and Diamond Management and Technology Consultants for its global forays.

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