MTNL appoints HSBC for synergy ops

The Mahanagar Telephone Nigam (MTNL) has appointed HSBC as advisor for the process of synergising the PSU's operations with BSNL, as proposed by the department of telecom (DoT).

"We have finalised on HSBC and the letter has been sent to them," MTNL CMD R S P Sinha said.

The advisor will help in preparing the accounts and considering other pros and cons with regard to synergising of operations in the perspective of each individual case.

MTNL wants to present its case to DoT with strong figures and updated books as it is a listed entity in India and abroad, and to ensure its shareholders get the maximum value in the process of synergising of the operations, Sinha said.

The DoT has already appointed a consortium led by ICICI Securities as advisor for synergising the operations of the two telecom PSUs. The consortium includes NM Rothschild (India), ABN Amro, AF Ferguson and lawyers Desai and Dewanji.

BSNL is also in the process of appointing an advisor which will assist the telecom giant in the process.