BSNL not to join Zain consortium

MUMBAI,INDIA: Indian state telecom firm Bharat Sanchar Nigam Ltd is unlikely to join a consortium looking to buy a 46 percent stake in Kuwaiti telecom Zain, the Business Standard reported on Wednesday, citing unnamed sources.

Talks with India's Vavasi Group and Malaysia's Al-Bukhary have fallen through over valuations and Vavasi is expected to announce a new consortium partner in a a week or two, the newspaper said.

BSNL and another state-run firm Mahanagar Telephone Nigam Ltd have previously said they were examining a proposal to join the consortium.

Vavasi group Managing Director Farid Afruddin declined to comment, the paper said. BSNL Chairman Kuldeep Goyal could not be immediately reached for comment.