Update: Telecom operator Reliance Communications announced the first consolidation in the telecom sector as it merged its operations with Sistema Shyam Teleservices Limited (SSTL) which operates as MTS in India. With this, the new entity will acquire 9 million of MTS' customers and 800 / 850 MHz band spectrum. "This will extend the validity of RCOM’s spectrum in 800 / 850 MHz band in 8 important circles by a period of 12 years from 2021 till 2033," the company added. MTS will also hold 10% equity stake in Reliance Communications following the merger. Post the deal, minority investors of SSTL will be given an option to exchange their shares in SSTL with the pro-rata RCOM shares held by SSTL. "Prior to Closing of the Transaction, MTS intends to pay off its existing debt," the statement added. Readers will remember that Reliance Communications had said that it would not be taking on any liabilities from MTS during the merger. The closing of the transaction is expected in the second quarter of 2016 subject to corporate, regulatory and other approvals. Also read: RCOM, MTS India merged entity will have third largest mobile Internet users base * Earlier: Anil Ambani-led Reliance Communications informed the stock exchanges that its board of directors will be considering the merger of Sistema Shyam Teleservices (SSTL) today. Sistema, which operates as MTS in India, has been in advanced talks with Reliance Communications for a merger through a stock swap since June. Gurdeep Singh, CEO of consumer business of Reliance Communications had said in…
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