12:45 pm - Wednesday 18 October 2017

Sistema in talks to acquire Aircel?

By Parvina Purkayastha - Fri Sep 14, 2:13 pm

Sources say Malaysian billionaire of Indian origin T Ananda Krishnan has held direct talks with Russian telecom giant Sistema  to sell 74% stake in his mobile telephony company Aircel. Ananda Krishnan, or TAN as he is called, and his local partner, the Reddys of the Apollo Hospital Group, want to quit India’s telecom sector which is mired in controversies, sources said.

TAN’s Maxis Communications, which owns majority shares of Aircel, is discussing a Sistema proposal which values the Indian mobile operator at about $6 billion, said a source mentioned above. The valuation number could not be confirmed independently. Russian conglomerate Sistema operates the MTS brand in India through a joint venture with Shyam Telelink

The development could mark the biggest shake-out in India’s scam-hit telecom industry, which has seen business valuations collapse after a controversy erupted on 2G spectrum allocations two years ago. Sources said there was no certainty that ongoing talks would lead to a deal.

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