Minister of State for IT and Telecom, Gurudas Kamat told the Parliament that BSNL and MTNL are not seriously considering to join a consortium which has proposed to acquire significant stake in Zain.

"The proposal is in preliminary stage only and has not reached the stage for initiating the process of due diligence," Kamat said.

He further revealed that Japanese bank Nomura has been named the adviser to the Vavasi consortium. Kharafi Group which owns Zain has named BNP Paribas as its adviser in the sale.