Millicom has turned down a bid from India’s BSNL for its Sri Lankan mobile operator Tigo, reportedly due to an inferior offer.
BSNL chairman and MD Kuldeep Goyal told local press “we had quoted a value what we thought was appropriate but it has fallen short of their expectations."
News reports suggest that India's largest private mobile operator Bharti Airtel is now actively bidding for Tigo. Malaysia's Axiata Group and UAE’s Etisalat are also reportedly in the running.
Millicom would not confirm any of the names on the shortlist, but told telecomasia.net that negotiations were continuing.
In recent months the Luxembourg-based global carrier group has put a number of its Asian assets on the market, including those in Sri Lanka, Laos and Cambodia. A company spokesperson said it was anticipated that the transactions would be completed by the end of Q1 2010.
Millicom last week announced it had arranged to sell its controlling stake in Millicom Lao to Russia's Vimpelcom for $65 million. It has also sold its Cambodia business to local partner the Royal Group for $346 million.
Following the close of the transactions, Millicom will renew its focus on the other regions where it has operations, namely Central and South America and Africa.