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Reliance in Zain Africa talks
- Kuwait: Wednesday, August 19 - 2009 at 11:01
India's second largest mobile operator, Reliance Communications has started talks to buy Zain's African operations, Reuters has reported citing two banking sources. The assets could fetch a price of about $10bn, according to The Times of India newspaper. Reliance may also face competition from firms such as Etisalat which has expressed interest in taking a majority stake in Zain, according to the head of its international unit. Zain plans to use the money to lower its debt and roll out 3G networks in the Gulf region.
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StaffWednesday, August 19 - 2009 at 11:01 UAE local time (GMT+4)
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