Bharti African talks 'continue'

Mobile sales have grown fast in both India and South Africa

Indian mobile firm Bharti Airtel and South African phone business MTN are continuing exploratory talks about a tie-up, according to media reports.

Experts estimate a deal could be worth $20bn (£10.2bn), making it India's largest takeover of a foreign firm.

Earlier this week Bharti said talks were aimed at combining the strengths of the two "leading emerging markets" firms but that it had not made a bid.

Any tie-up would create the world's sixth-largest mobile operator.

Combined together, the firms would have more than 130 million subscribers across more than 20 nations.

After China, India is the second-largest market for wireless services.

Jan Meintjes, a fund manager at South Africa's Gryphon Asset Management, said there were other options beyond a merger.

"It can be joint venture or it can be one of a number of other structures ... Both sides will want something that will bring the best value to shareholders," he said..

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