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MTNL may win race for Lanka’s Suntel
Beats Telekom Malaysia with $160- 180m Bid
STATE-owned Mahanagar Telephone Nigam Ltd (MTNL) is believed to have emerged as the highest bidder for Sri Lankan fixed line operator Suntel. According to sources dose to the development, MTNL is learnt to have bid between $ 160 million and $ 180 million for the Colombo-based telephone company.
The Sri Lankan Rs 3.31-billion Suntel will give MTNL a foothold in the island country’s fast-growing telecom market. It will also be the first overseas acquisition by the NYSE-listed MTNL, which had earlier tried unsuccessfully to enter the Saudi Arabian and Kenyan telecom markets.
A formal announcement on the Suntel deal is expected to be made by mid-June, said sources. When contacted, MTNL chairman R S P Sinha refused to comment.
Other companies in the race for Suntel include Telekom Malaysia and Sri Lankan firm John Keelis Holdings. Sri Lanka, with a fixed-line tele-density of around 10% remains a lucrative market for Indian operators who are expected to face saturation in the domestic market in four to five years.
Suntel is the main competitor to Sri Lanka Telecom. While Suntel’s latest results are not available, its net profit for the six months ended June 30, 2006 fell to Lankan Rs 290 million, while revenues doubled to Lanka Rs 3.31 billion. “The growth in net profit for the year ending December 2006, is expected to reach up to 46 %,” Suntel had said an earlier forecast.
Indian operators are keen on the Sri Lankan market. Although the Tatas-owned VSNL has won international long distance and ISP Licenses in Sri Lanka, Suntel was not on VSNL’s radar as the Sri Lankan operator offers CDMA fixed line services, which is not a strategic fit for VSNL.
Bharti Airtel also recently announced an investment of $ 150 million to roll out GSM and W-CDMA services in the island nation.
Suntel’s largest shareholder is Nordic telecom firm Telia AB, which holds a 55 % stake through its holding company Overseas Telecom AB. The remaining shares are held by Sri Lanka’s Metro corp, the National Development Bank of Sri Lanka, Townsend Ltd of Hong Kong and the International Finance Corporation (IfC).
Earlier, only Telia was learnt to have been interested in selling the stake. However, subsequently, other partners have also agreed to exit Suntel. Suntel plans to invest $33m in 2007 to expand networks.
If the deal with Suntel materialises, it will provide a respite to MTNL, which has been under immense pressure to grow abroad as its business remains restricted to Delhi and Mumbai.
MTNL lost the race for Saudi Arabia’s third mobile licence in March and fixed line license in April. It was also out of the race for license in Kenya. It has the licence to offer fixed line, cellular and ILD licences in Mauritius.
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