Reliance Communications to enter into agreement with MTN

May 26th, 2008 - 1:25 pm ICT by admin  

Mumbai, May 26 (IANS) After Bharti, Anil Ambani group company Reliance Communications Monday said that it is entering entering into exclusive negotiations with South Africa’s telecom major MTN to discuss potential combination of their businesses. According to a company statement, the two companies have agreed to a 45-day exclusivity to work out the details for merging their businesses.

Commenting on the development, Anil Ambani said “negotiations are on to achieve global platform for exponential growth”.

The company has informed the stock exchange that further announcements would be made when appropriate.

The development comes just two days after a proposed merger deal between the South African company and India’s largest telecom player Bharti Airtel fell through.

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