Reliance Communications/Aircel Re650 billion merger


Re 650 billion

$ 9.7 billion




  • Reliance Communications (RCOM) and Aircel have announced a merger to create India's fourth-largest phone company in terms of customer base and revenues.
  • Aircel is the mobile business owned by Maxis Communications (MCB).
  • RCOM and MCB will each hold 50% of the merged company with equal board and committee representation. 
  • The merged company will have combined assets of $9.7 billion and net worth of $5.2 billion. 
  • The transaction is likely to be closed in early 2017, subject to regulatory, court and shareholder approvals. 
  • J Sagar Associates (JSA) (Sandeep Mehta, Rajesh Pal, Manav Raheja, Nitin Kala, Malav Shah, Aarti Iyer, Prannoy Semwal, Ashrafi Ginwala, Malini Rao) acted for Reliance Communications.
  • Slaughter and May (Simon Nicholls, Murray Cox, Harry Hecht, Raghav Ghai, James Foster) is advising RCOM as international counsel.
  • Khaitan & Co (Haigreve Khaitan, Niren Patel, Mehul Shah) is advising Aircel.
  • Kirkland & Ellis (Gavin Gordon, David Arnold, Aprajita Dhundia, Srinivas Kaushik, Ian Kirwan) is acting as international counsel for Aircel.
  • Cyril Amarchand Mangaldas (Cyril Shroff, Radhika Gaggar) is acting for Aircel’s indirect minority shareholders Sindya Securities & Investments, which holds the minority stake in Aircel through Deccan Digital Networks.

Wai Yee Tsang - Journalist - Asia-Pacific



Deal type:


Practice area:


Industry sector:

Technology and telecommunications


Party: Sindya Securities & Investments (Shareholder)

Lawyer: Cyril Shroff

Party: Reliance Communications (Merger party)

Party: Aircel (Merger party)

Party: Aircel (Merger party)

Party: Reliance Communications (Merger party)