HI, (RTTNews) - Telecommunications company AT&T, Inc. (T: News ) is said to have plans to invest in the Indian telecom giant Bharat Sanchar Nigam Ltd, or BSNL, trying to re-enter one of the world's fastest-growing telecom market, said the Economic Times on Monday. It is not yet known if the government is open to roping in a strategic investor in BSNL, but sources closer said a pre-IPO placement might be a possibility, the report said. "If at all there is a sale to a foreign operator, it will not be more than 26%, considering the sensitivity of the sector," and "It is expected that AT&T may have to shell out upwards of Rs 16,000 crore for buying a one-fourth stake in the company," said familiar sources to the ET. However, the paper noted that BSNL chairman denied such development and AT&T declined to comment. State-owned BSNL has plans of going public, though no time-frame mentioned yet. For fiscal 2008, BSNL reported a total income of INR 3,805,340 Lakh compared with INR 3,971,511 Lakh for fiscal 2007. Profit for fiscal 2008 after taxation was INR 300,939 Lakh compared with INR 780,587 Lakh. |
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