AT&T looking to invest in BSNL

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Bangalore: U.S. based, AT&T may buy a stake in state owned telecom operator, Bharat Sanchar Nigam (BSNL), according to unnamed sources, reports Economic Times.

BSNL which is unlisted has sought government permission to launch an initial public offering (IPO) of 10 percent. A pre-IPO placement is possible. It is said that AT&T and BSNL officials met twice in New Delhi to discuss this matter.

While AT&T declined to comment, BSNL Chairman, Kuldeep Goyal declined to comment. "BSNL is not even listed and any such move will require a lot of regulatory approvals," said Goyal.

AT&T which had applied to get a license in India in 2007, is still to get a license. The telecom regulators this month asked the government not to issue new licenses until it decides whether there is a need for more players in the already crowded market.

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