The real issue in the Bharti-Zain deal is not whether the deal is a little overpriced or not, it is what other option did Sunil Mittal have. The Indian market is saturated and this can be seen from not just the declining profits, but from the declining revenues of the sector as a whole. So, if a company like Bharti has to continue to do well, it has to move to markets that are still in the growth phase. Africa represents the only such market in the world. Any discussion on the Bharti-Zain deal has to keep this in mind.
Ajay Khanna, New Delhi
