Reliance Communications, Aircel Merge Will Create Rs 65K cr Asset Base Entity
Anil Ambani-led Reliance Communications today agreed to merge its wireless telecom business with smaller rival Aircel to create the country's 4th-biggest mobile phone operator with asset base of more than Rs 65,000 crore.
In the largest consolidation in the countrys telecom sector, RCom and Aircels majority owner, Malaysias Maxis Communications Berhad (MCB), announced signing of definitive documents for the merger of their Indian wireless businesses.
RCom and Aircel will hold 50 per cent each in the new company. The board of the new company will have equal representation from the two sides.
"The RCom-Aircel combination will create a strong operator clearly ranked amongst Indias top 4 telcos by customer base and revenues, also ranking amongst the top three operators by revenues ...