Bharti-MTN deal: Sunil Mittal meets PM

Bharti Airtel chief Sunil Mittal met Prime Minister Manmohan Singh in New Delhi on Tuesday. The two is understood to have discussed proposed Bharti-MTN deal. Bharti spokesperson, however, declined to comment on the impact of Securities and Exchange Board of India's revised takeover norms on the proposed deal.

According to South Africa government officials, they are working closely with India through their respective finance ministries on the proposed deal between Bharti Airtel and MTN, including seeking exemption on a range of exchange controls regulations.

"We have received an application from MTN for an exemption on a range of exchange controls regulations, and due process is being followed. The SA government is working closely with the Indian government through their finance ministries.

"It would be important that such mergers are not only of benefit to the two companies, but to both countries as well", Thoraya Pandy, spokesperson of National Treasury, South African government, had told PTI an an e-mail query.

A group of officials from the National Treasury and the South African Reserve Bank will be visiting India to meet with officials from the Indian ministry of finance, regulatory authorities and officials of the central bank to discuss regulatory matters related to the deal.

Earlier in July this year, Sebi had said that South African firm MTN need not make an open offer to Bharti Airtel shareholders in India as its shareholding in the Sunil Mittal promoted firm would be through global depository receipts.

Image: Sunil Mittal