April 26, 2017 / 8:59 PM / in a year

America Movil expects approval for Telmex plan in months

MEXICO CITY, April 26 (Reuters) - Mexican telecoms company America Movil 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 America Movil 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.

America 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.

America Movil posted a sevenfold increase in its first-quarter net profit on Tuesday, boosting its shares by more than 3 percent. (Reporting By Sheky Espeojo, Writing By Mitra Taj)

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