PM strongly backs Bharti's efforts to acquire stakes in MTN

Prime Minister Manmohan Singh on Saturday strongly backed Bharti group's efforts for acquiring stakes in South African telecom giant MTN when he took up the issue with President Jacob Zuma and hoped that the deal will go through without any discrimination.

Prime Minister Manmohan Singh on Saturday strongly backed Bharti group's efforts for acquiring stakes in South African telecom giant MTN when he took up the issue with President Jacob Zuma and hoped that the deal will go through without any discrimination.

"As far as MTN issue is concerned, I mentioned it to (President) Zuma. I sincerely hope that this deal would go through and there will be no discrimination against it," he told reporters in reply to a question at a press conference here. Singh said officials of the two countries would discuss the issue.

Bharti and MTN are looking at an $23 billion deal to create the world's third largest mobile firm with over 200 million subscribers.

According to the initial agreement, MTN and its shareholders would acquire 36 per cent stake in Bharti and Bharti would acquire 49 per cent stake in MTN. The process would see a $13 billion transaction in cash and $10 billion in shares.

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