Luxembourg-based Millicom has rejected Indian telecom PSU BSNL's bid to acquire its operations in Sri Lanka, but India's largest private mobile operator Bharti Airtel has entered the ring.
"They (Millicom) have not considered our bid. We had quoted a value what we thought was appropriate but it has fallen short of their expectations," BSNL Chairman and Managing Director Kuldeep Goyal told PTI.
Airtel, which has mobile services running in Sri Lanka, has also put in its bid to acquire 100 per cent stake in Millicom, sources said. BSNL's ouster could provide advantage to the private Indian telecom firm.
According to sources, Malaysia's Axiata Group and Etisalat from United Arab Emirates, among other bidders.
The Nasdaq-listed firm Millicom provides prepaid cellular telephony services to over 30 million customers in 16 emerging markets in Latin America, Africa and Asia.
It has put its assets in Sri Lanka, Laos and Cambodia up for sale and has about two million subscribers in Sri Lanka.
Bharti Airtel, which is in talks with South African telecom firm MTN for a possible deal to create a $23 billion entity with over 200 million subscribers, continues to be in race to buy Millicom.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.