According to Mobile World Live, India’s fourth largest operator Reliance Communications (RCom) and smaller rival Aircel signed definitive documents to effect “the largest-ever consolidation in the Indian telecom sector”, creating the country’s third largest operator.
Merger talks between the two companies have been ongoing for a year, and now RCom and Maxis Communications Bhd, parent company of Aircel, will each hold 50 percent of MergedCo, with equal representation on the board and committees.
Meanwhile, Mint reports that some creditors are getting nervous. “The joint venture merger is most likely credit negative for debt holders of 2020 bonds,” said Trung Nguyen, Singapore-based senior credit analyst at Lucror, which slashed its recommendation to sell. “It will effectively subordinate bondholders claims on assets that bring in the largest chunk of the operating income.” This sentiment was echoed by Raymond Chia, head of credit research for Asia ex-Japan at Schroder Investment Management Ltd in Singapore. “This merger is already attracting negative reactions,” he said.
Last updated: December 26th, 2025
