Business Daily from THE HINDU group of publications
Thursday, July 3, 2008 ePaper | Mobile/PDA Version
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Business Daily from THE HINDU group of publications Thursday, July 3, 2008 ePaper | Mobile/PDA Version |
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Update at 1515 hrs (IST)
Info-Tech Anil Ambani-led consortium eyes 51 pc stake in MTN LONDON/NEW DELHI: Seeking to thwart any possible legal challenge from Mukesh Ambani-led RIL, the Anil Ambani group firm RCOM is tying up with some global private equity and sovereign funds for acquiring a majority stake in South African telecom major MTN , a report said on Thursday. “A consortium led by Mr Anil Ambani is considering taking a majority stake in South African mobile operator MTN to help stave off a potential legal challenge from his elder brother, Mr Mukesh Ambani, to the deal that has been under discussion,'' a report in Financial Times said. The report quoted an unnamed person familiar with the deal that a special purpose vehicle controlled by Mr Anil Ambani with co-investment from global private equity and Middle East sovereign wealth funds would own 51 per cent of MTN under the proposed ne w structure.
Earlier reports had said that it could be MTN acquiring a majority stake in RCOM, after which Reliance Industries warned off a legal action in letters sent to South African telecom firm and RCOM, claiming such a deal would breach a right of first refusal
it has over the sale of a controlling stake in the Anil Ambani group company. - PTI
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