Reliance Communications Says It Expects to Announce Aircel Merger Shortly

Reliance Communications Says It Expects to Announce Aircel Merger Shortly
Having extended talks with Aircel twice, Reliance Communications (RCom) Thursday said it expects to announce the merger with the company "very shortly" after the signing of a "binding definitive" pact.

"RCom and Maxis Communications Berhad (MCB) and Sindya Securities and Investments Pvt Ltd (Sindya), the shareholders of Aircel Ltd (Aircel), expect to sign binding definitive documentation and announce the proposed transaction for the combination of the Indian wireless business of RCom and Aircel very shortly," the company said in a BSE filing.

It said however that any transaction will be subject to regulatory, shareholders' and other third party approvals. "Hence, there is no certainty that any transaction will result."

Earlier last month, the company and Aircel had decided to extend by 30 days the discussion period for their possible merger.

This was for the second time the companies had extended the discussion period for the merger. The telcos previously on March 22 had extended the merger talks by 60 days.

Last year in December, the two firms announced that they have entered 90-day 'exclusivity period' for the deal that will exclude RCom's tower and optical fibre assets for which a separate sale process is ongoing, the company said in a statement.

RCom and Aircel talks, if successful, would lead to a combined entity holding 19.3 percent of the total spectrum allocated to the industry - highest in the country by an entity.

The proposed combined entity will hold spectrum across all allocated bands - 800MHz, 900MHz, 1800MHz, 2100MHz and 2300MHz - for 2G, 3G and 4G services.

Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Further reading: Aircel, India, RCom, Reliance, Telecom
Bose QuietComfort 35 Wireless Noise Cancelling Headphones Launched at Rs. 29,363
Apple Says iOS 10 Kernel Left Unencrypted for Better Optimisation

Related Stories

Share on Facebook Tweet Snapchat Share Reddit Comment
 
 

Advertisement

Advertisement

Advertisement

© Copyright Red Pixels Ventures Limited 2021. All rights reserved.
Listen to the latest songs, only on JioSaavn.com