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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