NEW DELHI. Sept 8: An Israeli firm which offered a surprising 27 billion dollar bid last week to operate telephone services in India-is looking for partners to fund the project, the Economic Times newspaper reported today, reports AFP.

Bezeq Telecommunications Ltd of Israel can only invest 32.8 million dollars of equity in the collaboration with an Indian partner because of a financial ceiling placed on its oversease ventures by Tel Aviv, it said.

Bezeq and India s Hima-chai Futuristic Communi-- callous Ltd stunned rivals with their sensational offer In bids opened August 31 for private sector'participation in India’s telecom market,

Bezeq. which holds a 26 per cent stake in the Indian venture, offered 27 billion dollars to operate basic telephone services in nine of the country's 25 states.

' "But Bezeq has (now) expressed the view that other telecom companies may have to be involved as partners to fulfil the massive fund requirement for the Indian operations." The Times said.

Sixteen overseas private firms and their Indian partners bid last month for a slice of India's huge telecom market, but Bezeq breezed past its immediate rivals with its offer.

Among its closest rivals were US West. American Telephone and Telegraph. Nynex of the United States and Alcatel of France.

The Indian telecom sector- began opening up in May 1998 and as part of the sweeping economic reforms launched by the government of Prime Minister P V Narasimha Rao.

India has one Of the lowest telephone densities in Asia and there are just eight million telephone lines in the country of 900 million people.