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Union Commerce Minister Anand Sharma on Monday mentioned that India definitely lends a supporting hand to the Indian-based companies while they opt for international mergers and acquisitions, but added that the rules cannot be changed according to the requirements of the firm. He was pointing out at the Bharti- MTN deal worth $24-billion cash-cum-equity deal, which was suspended, last week.
"It is not an issue of convertibility or dual listing. The government cannot change its policy for any particular business deal," told Sharma, while talking to the media on the margins of a National Productivity Council seminar.
If the deal had gone through, it could have created the world's third largest mobile phone entity.
Bharti had mentioned that the deal had to be aborted as the regulatory constraints established in India were not going along with those of South Africa.
"This structure needed an approval from the government of South Africa that has expressed its inability to accept it in the current form," said a statement by Bharti Airtel last week.
"In view of this, both companies have taken the decision to disengage from discussion," said the statement issued after the closing of stock markets in both India and South Africa.
