Malaysian mobile operator Maxis Communications is in early talks with bankers representing Russian conglomerate Sistema to sell its Indian carrier Aircel, according to the Economic Times citing an executive close to Maxis.
But Sistema’s Indian…
Malaysian mobile operator Maxis Communications is in early talks with bankers representing Russian conglomerate Sistema to sell its Indian carrier Aircel, according to the Economic Times citing an executive close to Maxis.
But Sistema’s Indian carrier, Sistema Shyam Teleservices (SSTL), has dismissed the report.
In February, Sandip Das, Maxis CEO, had also rejected rumours that Aircel, which is the seventh-largest operator in India out of 15, was for sale.
However, according to the Economic Times, regulatory uncertainties in India and an alleged probe against Maxis founder Ananda Krishnan and other officials regarding a telecom scandal have prompted the sale move.
In July last year, it had been suggested that the Indian authorities were investigating whether Dayanidhi Maran, the former telecoms minister, forced Aircel chief C Sivasankaran to sell the company to Maxis at a very cheap price in 2006.
Reports said at the time that Maxis was considered close to Maran. It has been speculated that Maran forced the Aircel sale in return for the Malaysian company investing in Sun TV, owned by Kalanithi Maran, the brother of Dayanidhi Maran.
Maran and Maxis have both reportedly denied the allegations.
The sale of Aircel, which is 74%-owned by Maxis, would come as Krishnan is reportedly looking to divest several other assets, including Malaysian satellite operator Measat and DTH platform Astro All Asia Networks.
SSTL, which had its 2G licences cancelled following a Supreme Court decision, recently threatened to leave the Indian market if the reserve prices in the new 2G auction are too high. Aircel’s licences have, reportedly, not been cancelled.
Maxis was not immediately available for comment.
