Reliance Communications, Aircel to combine mobile business

MUMBAI (Reuters) - India's Reliance Communications Ltd has agreed to combine its mobile phone services business with smaller rival Aircel to create the nation's third-biggest cellular carrier by subscribers.

Reliance Communications and Aircel's parent Malaysia's Maxis will own half each of the merged entity, the companies said in a joint statement on Wednesday.

(Reporting by Sankalp Phartiyal, editing by Louise Heavens)