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RCom Extends Talks For Combining Wireless Business With Aircel

The decision to extend the talks until May 22 based on the good progress made so far, the company said

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Reliance Communications (RCom) on Wednesday said that it has extended the exclusivity period with Maxis Communications and Sindya Securities and Investments Private Limited, the shareholders of Aircel Limited, by 60 days to consider the potential combination of the Indian wireless business of RCOM and Aircel.

The decision to extend the talks until May 22 was based on the good progress made so far, the company said.

A deal would bring "substantial benefits of in-country consolidation, including opex and capex synergies and revenue enhancement", according to a statement.

The discussions are non-binding in nature and any transaction is subject to completion of due diligence, definitive documentation and regulatory, shareholders' and other third party approvals, RCOm said.

Reliance Communications is the flagship company of the Reliance Group and a leading telecommunications service provider with a customer base of more than 118 million.