Bell Atlantic to Manage Mexican Partner

Bell Atlantic Corp. said it plans to take over management of Grupo Iusacell in Mexico, pump in $200 million in equity and loans and perhaps assume total ownership over the next three years. Bell Atlantic, the Washington area’s local phone company, already owns 42% of the Mexico City-based cellular provider serving an area that covers 70% of Mexico’s population. But its plans to help the Mexican company expand and modernize have been delayed because of a financial scandal involving Bell Atlantic’s Mexican partner in the deal, Grupo Iusacell Vice Chairman Carlos Peralta said. By taking control, Philadelphia-based Bell Atlantic is upping the ante in its investment, hoping to get back on track plans to provide local telephone service using wireless radio towers. Peralta’s family owns 48% of the company, as well as one of Mexico’s largest industrial groups.