G-20 Summit: PM, SA Prez may discuss Bharti-MTN deal
Posted on: 12:07 AM IST Sep 25, 2009
Pittsburgh: The Bharti-MTN deal may be the topic of discussion between Prime Minister Manmohan Singh and South African President Jacob Zuma when they meet for the G-20 summit.
The commercial part of the deal is now in place, but it has run into political hurdles and is now being dealt with at the political level.
Bharti managers have also met senior South African leaders and a treasury team from South Africa was invited to India.
The delegation met Indian regulatory officials at the SEBI Bhawan in Mumbai earlier on Thursday. The Indian delegation comprised of officials from the RBI, Sebi as well as the Finance Ministry.
The complex cross-border transaction has raised multiple legal issues. The transfer of large amounts of cash may bring the FEMA act into focus, while the dual listing demand will need possible amendments of the SEBI's listing agreements.
Now a meeting between heads of governments could deliver the necessary assurance which may help tilt the talks in the direction of an agreement.