Telecom giant América Móvil expects approval for Telmex plan in months

The Federal Telecommunications Institute (IFT) on March 8 gave America Movil 65 working days to propose a plan for the legal separation from TELMEX
The America Movil logo is seen on the wall of the reception area in the company's corporate offices in Mexico City August 12, 2015- Photo: Henry Romero/REUTERS
26/04/2017
16:40
Reuters
Mexico City
-A +A

Mexican telecoms company América Móvil has submitted its proposal for separating a part of its fixed-line unit Telmex from the rest of the company, and expects approval in coming months, a company executive said Wednesday.

The Federal Telecommunications Institute (IFT) on March 8 gave América Móvil 65 working days to propose a plan for the legal separation, part of a bid to open up infrastructure to competitors.

"The Federal Telecommunications Institute is already studying our proposal and has 65-70 days to respond," chief executive Daniel Hajj said on a conference call with analysts.

América Movil, owned by Mexican billionaire Carlos Slim, will have up to two years to implement the Telmex separation once a plan is approved.

Telmex offers fixed telephone lines and the Internet.

América Móvil posted a sevenfold increase in its first-quarter net profit on Tuesday, boosting its shares by more than 3 percent.

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