India’s Reliance Communications in exclusive talks with MTN

NEW DELHI – India’s Reliance Communications said yesterday that it had entered into exclusive talks with South African mobile firm MTN after top cellular company Bharti Airtel pulled out of merger negotiations.

The companies would discuss a “potential combination of their businesses” to “achieve unique global platform for exponential growth”, Reliance Communications, India’s second largest mobile firm, said in a statement. Reliance said the two firms agreed to hold exclusive talks for 45 days, but provided no further details.MTN’s negotiations with Bharti collapsed at the weekend over a new ownership structure proposed by the South African firm that would have involved “Bharti Airtel becoming a subsidiary of MTN”, Bharti said in a statement.”Bharti’s vision of transforming itself from a home-grown Indian company to a true Indian multinational telecom giant, symbolising the pride of India, would have been severely compromised,” statement said.Africa’s leading mobile operator, MTN serves 21 markets in Africa and the Middle East.India’s mobile market is the world’s fastest growing, adding a record 10 million mobile phone subscribers in March this year.Nampa-AFPReliance said the two firms agreed to hold exclusive talks for 45 days, but provided no further details.MTN’s negotiations with Bharti collapsed at the weekend over a new ownership structure proposed by the South African firm that would have involved “Bharti Airtel becoming a subsidiary of MTN”, Bharti said in a statement.”Bharti’s vision of transforming itself from a home-grown Indian company to a true Indian multinational telecom giant, symbolising the pride of India, would have been severely compromised,” statement said.Africa’s leading mobile operator, MTN serves 21 markets in Africa and the Middle East.India’s mobile market is the world’s fastest growing, adding a record 10 million mobile phone subscribers in March this year.Nampa-AFP

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