UPDATE 1-BSNL to go direct to Zain if consortium talks fail

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By Devidutta Tripathy

NEW DELHI, Nov 6 (Reuters) - Indian state-run telecom Bharat Sanchar Nigam Ltd [BSNL.UL] may open direct negotiations for a stake in Kuwait's Zain (ZAIN.KW: Quote, Profile, Research) if its exclusive talks as part of a consortium fail.

BSNL, along state-run Mahanagar Telephone Nigam Ltd (MTNL.BO: Quote, Profile, Research), are part of a group led by little known Indian company Vavasi which aims to take a 46 percent holding in the Kuwaiti firm from shareholders including the Kharafi Group.

BSNL Chairman Kuldeep Goyal said on Friday that Vavasi had an exclusivity clause for talks.

"If that ends, and suppose this proposal does not go through, and there is a possibility of having a direct negotiation, we would like to look at it."

Goyal said BSNL was waiting for some information from Vavasi on the Zain deal and that if the company had to go directly, it would take MTNL along with it.