Anil Ambani-owned Reliance Communications on Saturday said it has extended, by another 30 days, the exclusivity period to continue talks with the shareholders of Aircel for a potential merger of the two telecommunication companies. In a statement, Reliance Communications said that it has extended the mutual exclusivity period with Maxis Communications Bhd and Sindya Securities and Investments, the two shareholders of Aircel, till June 22, after “substantial progress made” on the potential merger.
Saturday’s extension is the second time that Reliance Communications and Aircel’s shareholders are extending the deadline for their merger talks. Reliance Communications, the country’s fourth largest telecom operator and the most leveraged, had initially signed a 90-day non-binding agreement for the potential merger on December 22, and had extended the period for 60 days till May 22.
