The Indian government's determination to achieve a second successful privatisation this calendar year is said to have resulted in a strong book of orders for its sell-down in Mahanagar Telephone Nigam Ltd (MTNL). Despite the political crisis and pressure on the rupee, lead bankers Goldman Sachs, HSBC and Merrill Lynch, reported impressive and surprising levels of interest in the roughly $375m deal.
November 28, 1997
