China Telecom confirms interest in Brazil's Oi

China Telecommunications Corp, the country's third largest telecom carrier by mobile subscribers, said on Wednesday that Brazilian telecom company Oi SA was among the several potential targets it had considered for investment, Bloomberg reported.

The news came after its two rivals - China Mobile Communications Corp and China United Network Communications Group Co Ltd - set up subsidiaries in Brazil earlier this year to pursue business opportunities in the large South American country.

"We have been actively looking for overseas expansion and have looked at many different projects, including Oi," said Yang Jie, chairman of China Telecom, in an interview at the 19th National Congress of the Communist Party of China.