Reliance Communication, Russia's Sistema in talks to merge telecom business in India
The discussions, it said, are "indicative and non-binding in nature, and remain subject to due diligence, definitive documentation and approvals, as may be necessary." Also, there is no certainty that any transaction will result, the statement added.
Anil Ambani-led Reliance Communication said it is in talks with AFK Sistema to merge the Russian conglomerate's Indian telecom operations through a cashless stock swap.
"Reliance Communications (RCOM) and AFK Sistema have entered into exclusive discussions on a potential merger between the Indian telecom business of Sistema Shyam TeleServices Ltd (SSTL) and RCOM through a stock swap," the company said in a statement.
The discussions, it said, are "indicative and non-binding in nature, and remain subject to due diligence, definitive documentation and approvals, as may be necessary." Also, there is no certainty that any transaction will result, the statement added.