Reliance Communications in merger talks with Sistema Shyam
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Reliance Communications (RCOM) and AFK Sistema have entered into exclusive discussions on a potential merger between the Indian telecom business of Sistema Shyam TeleServices and Reliance Communications through a stock swap.
The discussions are indicative and non-binding in nature, and remain subject to due diligence, definitive documentation and approvals, as may be necessary. There is no certainty that any transaction will result, said RCom in a statement.
Reliance Communications is the flagship company of the Reliance ADAG Group. which has a customer base of over 118 million.
Sistema Shyam TeleServices Ltd. (SSTL) is a venture, involving equity participation by Sistema Joint Stock Financial Corporation of Russia, the Russian Federation and the Shyam Group of India. Sistema JSFC is the majority shareholder in the Company. With a strong focus on its “Data Centric; Voice Enabled” strategy, SSTL is one of the top three data service providers in the country.
The Company provides telecom services under the brand MTS to over 10 million wireless subscribers including more than 1million High Speed Mobile Broadband customers in over 450 towns across the country.
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