Russian conglomerate Sistema's Indian unit, RComm in merger talks

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)