RCom assures financial, legal help to MTN

"We have been assured of all kinds of support, whether it's legal or financial, while the due diligence process has entered the final stages. There is no intention to drop the merger plans, as of now, and we are taking all precautions against attempts to derail the deal," an MTN source told Business Standard on condition of anonymity.

Anil's brother, Mukesh Ambani's Reliance Industries (RIL) had earlier threatened to sue both MTN and RCom, saying it has the first right of refusal (FROR) in case the companies plan to go ahead with the proposed reverse merger.

According to sources, MTN may buy a stake in RCom as part of a reverse merger arrangement between the two companies and a legal hurdle could lead to financial losses if the merger is called off.

To give MTN the comfort, billionaire Anil Ambani's company has agreed to offer financial protection, including compensating for possible losses. RCom is expected to complete its due diligence process of MTN books by July 8.