U.S. Telecommunications Company AT & T is in talks to buy a stake in the Indian state-owned telecom firm Bharat Sancha Nigam Ltd., The Economic Times reported Monday, citing unnamed sources with knowledge of the development.
Unlisted BSNL has sought government permission to launch an IPO of 10 percent, and the newspaper said a pre-IPO placement can be an alternative.
It said representatives from AT & T and BSNL recently met twice in New Delhi to discuss the matter.
The paper said AT & T refused to comment, as BSNL Chairman Kuldeep Goyal denied the development.
BSNL is not even mentioned, and such a step would require a lot of regulatory approvals, Goyal told the paper.
Goyal did not immediately respond to a call by Reuters.
AT & T had applied in 2007 for a telecom license in India, but is still waiting. The telecom regulator earlier this month asked the government not to issue new licenses before it decides whether there was a need for more players in this crowded market.
