Anil Ambani led Reliance Communications (RCom) has signed a deal with Maxis Communications Berhad (MCB) for merger of wireless businesses of Aircel Limited with itself.
The merger is considered as the largest-ever consolidation in the Indian telecom sector.
The merged entity will be country’s fourth-largest phone company in terms of customers and revenue.
Key Points
The merged company will have second-largest spectrum holding amongst all operators in the country aggregating 448 MHz across the 850, 900, 1800 and 2100 MHz bands.
It will be one of India’s largest private sector companies, with an asset base of over $9.7 billion (Rs. 65,000 crore) and net worth of $5.2 billion (Rs. 35,000 crore).
RCom and MCB will hold a 50% stake each in the merged entity, with equal representation on the Board of Directors and all Committees.
The Company will be managed by an independent professional team under the supervision of the Board.
Current Affairs 15th August, 2016 Current Affairs Round Up Bullet Points, August, 2016 Current Affairs Round Up Bullet Points, July, 2016
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