New Delhi: Russian telecom giant Sistema JSFC is in talks with Aircel Communication to acquire a controlling stake worth over 17,000 crore, a newspaper reported on Friday.
Incase the deal materialises, it will be one of the largest transactions in the telecom sector following Vodafone-Hutchison Essar’s $11.7 billion deal in 2007.
Sistema already has presence in India via the Sistema Shyam TeleServices Ltd (SSTL) 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 SSTL.
Citing sources, the paper said that Sistema would buy into Aircel's Malaysia-based parent company with rights to have the Indian arm transferred to it after an ongoing restructuring process is completed.
Maxis Communications owns 74% stake in Aircel through multiple entities.
The Supreme Court had in February this year held that the process of allocating 122 2G licences, including 21 to SSTL, was 'arbitrary' and 'unconstitutional' and had cancelled all the mobile permits.
The Russian firm had served a legal notice under Bilateral Investment Promotion and Protection Agreement (BIPA) in February to the Government of India.