MUMBAI -- Reliance Communications Ltd, 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 Ltd, 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.
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