Reliance Communications (RCOM) announced that it has extended the exclusivity period with the primary shareholders of Aircel Limited (Maxis Communications Berhad and Sindya Securities and Investments Private Limited) by 2 months to May 22, 2016.
This decision has been taken on the back of good progress that has been made on the proposal for potential combination of the Indian wireless business of RCOM and Aircel. Both the operators look to mutually derive the expected substantial benefits of in-country consolidation including opex and capex synergies and revenue enhancement.
The discussions underway are non-binding in nature. Any transaction is subject to completion of due diligence, definitive documentation, and regulatory shareholders’ and other third party approvals.