Could MTN enter a bidding war for a 26% stake in India's Reliance Communications?

The New York Times reports that Reliance – which boasts 106-million subscribers – has decided to sell off a 26% stake in the company.
The board has approved the sale, and will also consider other merger or consolidation opportunities.
MTN was in talks with Relaince last year to acquire a stake, and it is rumoured that the two companies are again negotiating.
However, this time there are other suitors also interested in buying into Reliance.
The New York Times reports that both AT&T and Etisalat are also talking to Reliance, although neither will comment on speculation.
Meanwhile, MTN is currently negotiating to buy all or part of Egypt's Orascom.