Loop Telecom In Talks To Sell Up To 74% Stake - Report

Wednesday, Jun 04, 2008

BANGALORE (Dow Jones)--Loop Telecom Pvt. Ltd., a unit of Indian mobile phone services firm BPL Mobile Communications Ltd., has initiated talks with international telecommunications companies to sell up to a 74% stake, valuing the enterprise around $3 billion, Economic Times reported Wednesday, citing unnamed sources.

Kuwait's Mobile Telecommunications Co. (TELE.KW) and Qatar Telecom (QTEL.DO) have shown interest in buying the stake, the report said.

UAE's Emirates Telecommunications Corp., or Etisalat (ETISALAT.AD), U.S.-based AT&T Inc. (T) and Russia's Altimo have also looked at the proposal, it said.

Loop received regulatory approval to start mobile operations in most of India's 23 telecom circles earlier this year.

 
   Newspaper Web Site: http://www.economictimes.com 
 

-By Bangalore Bureau; Dow Jones Newswires; djn.in@dowjones.com

(END) Dow Jones Newswires

June 03, 2008 23:38 ET (03:38 GMT)