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May 7, 2001
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Money > Business Headlines > Report May 7, 2001 |
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MTNL to invest $300 million in overseas expansionBS Economy Bureau Mahanagar Telephone Nigam Ltd is planning to invest close to $300 million over the next one year to expand its operations in overseas markets. When contacted, top sources in MTNL confirmed that MTNL's overseas investment during 2001-02 is being pegged between $250 million and $300 million. Sources added that the move is in preparation to make MTNL a strong telecom services and infrastructure provider while working in tandem with Telecommunications Consultants India Ltd to look for opportunities in the Asian and African markets. In fact early last month MTNL had informed the Bombay Stock Exchange that its board of directors has approved the formulation of a consortium between MTNL and TCIL for participation in the privatisation programmes of Malawi Telecommunications Ltd. As per the consortium arrangement MTNL and TCIL will have 50:50 investments for a 30 per cent equity control of Malawi Telecom. MTNL has also announced its alliance with WorldTel to carry out telecom projects in Bangladesh. The PSU is also working on three other overseas projects including providing telecom facilities in Nepal in association with TCIL and Videsh Sanchar Nigam Ltd. Through the alliance with WorldTel, MTNL would provide a total of 300,000 basic lines in Bangladesh on a built-operate and-transfer basis. The project is expected to become operational this year. Powered by YOU MAY ALSO WANT TO READ:
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