Joining forces: Reliance Communications has entered into a 90-day exclusivity period with Aircel's majority owner Malaysia's Maxis Communications Bhd and another shareholder Sindya Securities and Investments Pvt Ltd. — Reuters
NEW DELHI: Billionaire Anil Ambani’s Reliance Communications and smaller rival Aircel announced they were combining their mobile phone businesses, in what they called the “largest-ever consolidation in the Indian telecom sector”.
Reliance Communications (RCOM) and Aircel’s Malaysia-based parent Maxis Communications Bhd (MCB) will each own 50% of the new company, they said in a joint statement on Sept 14.
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