“RCom and Maxis Communications Berhad (MCB) and Sindya Securities and Investments Pvt Ltd (Sindya), the shareholders of Aircel Ltd (Aircel), expect to sign binding definitive documentation and announce the proposed transaction for the combination of the Indian wireless business of RCom and Aircel very shortly,” the company said in a BSE filing.
It said however that any transaction will be subject to regulatory, shareholders’ and other third party approvals. “Hence, there is no certainty that any transaction will result.” Earlier last month, the company and Aircel had decided to extend by 30 days the discussion period for their possible merger. This was for the second time the companies had extended the discussion period for the merger.
The telcos previously on March 22 had extended the merger talks by 60 days. Last year in December, the two firms announced that they have entered 90-day ‘exclusivity period’ for the deal excluding RCom’s tower and optical fibre assets.