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RCOM extends talks with Aircel to merge wireless business

Reliance Communications (RCOM) has extended the discussion period to merge its wireless business with Aircel by 30 days till June 22, 2016, the company said in a BSE filing. In March, RCOM had extended the exclusivity period of discussions with Aircel by 60 days until May 22, 2016. Both companies had originally entered into talks in December last year. RCOM said that the extension period was announced “based on the substantial further progress made” with Malaysia’s Maxis Communications Berhad and Sindya Securities and Investments Private Limited—the shareholders of Aircel Limited. The objective of a potential merger would be “to mutually derive the expected substantial benefits of in-country consolidation, including opex and capex synergies and revenue enhancement,” RCOM added. Even though the discussions are at advanced stage, it remains non-binding and any transaction is subjected to documentation, regulatory, and shareholders’ approvals. RCOM…

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