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MUMBAI (Reuters) - India's fourth-largest telecom operator Reliance Communications Ltd said on Monday it was in exclusive talks for a potential merger with Russian conglomerate Sistema's Indian mobile phone operations through a stock swap.
"The discussions are indicative and non-binding in nature, and remain subject to due diligence, definitive documentation and approvals," Reliance Communications, controlled by billionaire Anil Ambani said in a statement.
Sistema's billionaire owner Vladimir Yevtushenkov had in May said he had held talks with Reliance Communications about a possible joint venture in India.
(Reporting by Aman Shah in Mumbai; Editing by Anand Basu)
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