Russia's government has approved a draft decree to sell state telecoms holding Svyazinvest and has sent it to President Vladimir Putin for approval, Interfax news agency quoted a government source as saying on Thursday.
The long-awaited sell-off of the state's 75 percent stake in Svyazinvest needs a signature from Putin to come into force, as the company services the government and the military. No date has yet been set for the privatisation, which is not expected to take place this year.
The sale will be Russia's largest privatisation to date as Telecoms Minister Leonid Reiman has once put its value at $3 billion.
Svyazinvest controls 7 regional telecoms companies, long-distance monopoly Rostelekom and Moscow fixed-line provider MGTS.
Three Russian companies have expressed their interest in the sale - Alfa Group, Sistema, which in February raised $1.56 billion in a share issue for the auction, and telecoms company Telekominvest, seen as close to Reiman. Reiman denies this.
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