PSU MTNL is on the lookout for an opportunity in overseas market for acquisitions particularly in the African contingent, reports the PTI.

The firm aims to either acquire an existing operator or to bid for licences.

 “We have already earmarked Rs 500 crore last year for the purpose... But funds are not an issue... We had bid for a company in Saudi Arabia at over $3.5 billion,” said newly appointed  MTNL CMD, Kuldip Singh, Chairman and Managing Director to PTI. “We are looking for a right opportunity at a right price,” he added.

He said that Africa is a good opportunity but getting licences as well as biddings in private deals are big challenges.