Essar & co set to acquire BPL Mobile, Cellular for $1.1bn.
Economic Times (New Delhi, India), July, 2005
Byline: Manoj Gairola
Jul. 20--NEW DELHI -- The race to buy out BPL Mobile and BPL Cellular has entered the last lap. In the final round, Essar's associate companies have emerged as front-runners and look set to clinch the deal by buying out BPL Mobile and BPL Cellular, which provide cellular services in four circles. The announcement is likely to be made in the next few days after a board meeting considers and finalises the deal.
When contacted, Vikas Saraf, CEO of Essar Teleholdings, confirmed that talks were at a fairly advanced stage, though the deal had still not been clinched. "We are having serious discussions with BPL. However, no deal has been finalised yet," Mr Saraf told ET.
As they say in investment banking circles, no deal is...
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