Reliance bidding for Egyptian company

Category: Reliance | No Comments | Posted on May 8, 2006

Step aside Orascom, India’s largest CDMA operator Reliance is now eyeing the Egyptian mobile market.

The company has formed a consortium with Egypt-based Arab Computer Manufacturing Co, a subsidiary of Mohammad Kharafi and Sons Co, and is among the 11 bidders that have been shortlisted by Egypt’s National Telecom Regulatory Authority for the country’s third mobile licence. Following this, qualified companies will have to submit financial bids and be part of an auction, with a reserve price of $ 434 million.

Reliance has not confirmed or denied this story from Business Standard.

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