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RCom, Sistema in talks to merge telecom business in India

Reliance communications and AFK Sistema have entered into exclusive discussions on potential merger between the SSTL and RCOM through a stock swap.

By: Press Trust of India | New Delhi |
June 15, 2015 5:00:47 pm
Reliance, RCom, Sistema, Anil Ambani, Anil Ambani reliance communication, RCom Sistema, Indian telecom business, Reliance latest news, Business latest news Reliance communications and AFK Sistema have entered into exclusive discussions on potential merger between the SSTL and RCOM through a stock swap.

Anil Ambani-led Reliance Communication on Monday said that 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.”

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Also, there is no certainty that any transaction will result, the statement added.

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