For the last three years, Bharti Airtel chairman Sunil Mittal has been on the prowl for a big-ticket overseas acquisition but it has eluded him so far.

In numerous interactions with the media and analysts the answer from senior Bharti executives was always the same: "The company is open to opportunities but we are yet to find a suitable target."

A few months ago, however, the mood changed and there was excitement in the top echelons of the company as it identified two possible takeover targets: America's Sprint Nextel and South Africa's MTN. By last month, Sprint was out of the picture and Bharti had zeroed in on the South African operator.

And so, even while Mr Mittal denied any interest in MTN, it is learnt that a special meeting attended by the company's directors was held on April 25, the day the company announced its results, where the MTN acquisition was discussed in detail.

For the record, Bharti has denied making a formal bid for MTN and...

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