RCom too joins Africa race through talks with Zain

Source: -www.telecomtiger.com

Kuwaiti Publication, Al-Rai reports that Zain is in talks with three parties including India’s Reliance Communications (RCom) for possible stake sale of its African operations. Zain will exclude its Morocco andSudan operations from the sale. Kuwait''s sovereign wealth fund and family-owned conglomerate, the Kharafi Group are the biggest shareholders of Zain. The estimated value of the African operations is reported to be near $ 10 billion. Last month, Vivendi had called off its acquisition talks with the Zain Group. RCom’s interest in the African operations is obvious from the fact that its fierce domestic rival Bharti Airtel is engaged in talks with South Africa’s MTN Group. The African contingent is perceived to be significantly lucrative from the telecom services point of view due to its low penetration and reasonably well ARPUs.