The China Telecom group could control more than 70% of Brazilian telecommunications group Oi through an investment up to 20 billion reais (US$6.1 billion), the Brazilian press reported citing the outcome of meetings held on Wednesday with official entities.

At these meetings, with the National Telecommunications Agency (Anatel) and with the General Advocacy Union (AGU), the Chinese group showed interest in investing in the Brazilian group which is currently in receivership, and Minister Grace Mendonça, of the AGU, told representatives of the Chinese group that she would examine the proposal.

AT the two meetings the representatives of China Telecom said the investment has conditions, including the approval of the judicial recovery plan for Oi (scheduled for 10 November), a solution to the debt of US$11 billion owed to Anatel and the prior definition of changes to be introduced in the General Telecommunications Law (LGT).

Mendonça, who was given the mission by President Michel Temer to save the carrier from bankruptcy, is trying to assemble a restructuring plan that will be approved by shareholders and creditors of the company, which has been in receivership for over a year, with a liability of 64.5 billion reais (US$19.7 billion).

Oi, the biggest Telecommunication group in Brazil, at the end of 2016 provided services to 63.6 million customers, with 39.9 million in mobile telephony, 16.4 million in fixed telephony, Internet access and satellite TV subscription and 6.6 million in the corporate segment. It is also responsible for 700,000 public telephones. (macauhub)