Mobile telecom companies in India added more than 10 million new subscribers in just one month, in April. That is the most ever and way, way above the subscriber additions in other major markets. China, in comparison, added only around 6 million last month – though that market is still way ahead in total number of subscribers.

With the exception of Vodafone, the Indian telecom market is dominated by local businesses groups. It was only a matter of time before success at home and their high stock market valuations encourage these companies to venture into overseas markets. While companies like Tata Communications, Bharti and Reliance Communications have made some early forays into African markets, they have so far been insignificant when compared to their domestic businesses. That may be about to change.

Bharti Airtel is readying a bid to acquire South African telecom operator MTN, the Financial Times has reported. If it materialises, it will be a real big one as MTN is currently valued at over $35 billion. It will be the biggest ever overseas acquisition bid by an Indian company, bigger than even Tata Steel’s Corus acquisition. Financial Times says Bharti could pick up a majority stake in MTN and keep the latter listed in South Africa. Else, Bharti could make a cash and stock offer to acquire the whole of MTN. Given the tight credit market conditions, Bharti may prefer the first route.

But, Bharti may have to face down other potential suitors before it can claim the prize. Others in the fray include big names like Vodafone, China Mobile and Reliance Communications. It will indeed be a battle royal and the biggest corporate story this year.