Reliance Communications, Aircel in talks to merge mobile business

Reliance Communications, India's fourth-biggest mobile phone carrier, said on Tuesday it is holding non-binding but exclusive talks for a potential merger of its wireless business with smaller rival Aircel.

Reliance Communications, controlled by billionaire Anil Ambani, has entered into a 90-day exclusivity period with Aircel's majority owner Malaysia's Maxis Communications Bhd and another shareholder Sindya Securities and Investments Pvt, Reliance said in a statement.

The potential deal will exclude Reliance Communications' tower and optical fibre assets for which a separate sale process is ongoing, the company said.