Reliance Communications, Aircel merger talk extended by 30 days

Industrialist Anil Ambani-led Reliance Communications (RCOM) on Saturday said it has extended "exclusive discussions" for potential merger of its wireless business with the promoters of Aircel by another 30 days.

"Reliance Communications today announced that, based on the substantial further progress made, RCOM, MCB and Sindya have mutually extended the exclusivity period between RCOM and Maxis Communications and Sindya Securities and Investments Private Limited, the shareholders of Aircel, by 30 days to June 22, to consider the potential combination of the Indian wireless business of RCOM and Aircel and mutually derive the expected substantial benefits of in-country consolidation, including opex and capex synergies and revenue enhancement," a company statement said here.

It mentioned that the discussions, though at advanced stage, are non-binding in nature.

"Any transaction is subject to completion of due diligence, definitive documentation and regulatory, shareholders' and other third party approvals. Hence, there is no certainty that any transaction will result in success," the statement added.

--IANS

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