Update: An email we just received from RCom PR states that
“There is no proposal or discussion for acquisition of either a controlling or minority stake in Aircell Cellular by Reliance Communications.”
Original story (2007-08-20 02:46 AM)
After losing out to Aircel on approvals for new countrywide licences in December, Anil Ambani, Reliance Communications chairman seems to be taking the acquisition route to get a greater share of India’s telecom pie.
RCom is in talks with Maxis Communications Berhad Ltd to potentially take a controlling stake in Aircel Cellular Ltd, the Indian unit of the Malaysian cellular operator, according to a Mint report that cites executives at the two companies and an independent consultant as sources. With new licences and wireless spectrum allocated to it in eight circles, or licensed areas, and frequency allocations expected in another 13, Aircel is seen by analysts as among the most valuable telecom assets in India. The report states in a deal scenario analysts value Aircel at about $7 billion, or Rs29,000 crore. Maxis, Malaysia