MTNL Walks Away From SunTel Acquisition

Indian state-run telecoms operator Mahanagar Telephone Nigam Limited (MTNL) will no longer pursue a controlling stake of 50% in Sri Lankan fixed-line operator SunTel. After being awarded preferred bidder status in March 2008, having announced in September 2007 it would spend US$180mn to acquire SunTel, MTNL's interest in the operator started to cool during the year, and by August there were reports emerging that its Sri Lankan plans had been 'suspended indefinitely.'

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