Maxis seeks to exit Aircel: report
11 Jul 2012
Malaysia's largest telecom operator Maxis Communications Bhd has held talks with bankers representing Russian conglomerate Sistema over selling its majority stake in its Indian unit Aircel Ltd, The Economic Times today reported, citing an executive close to Maxis.
Maxis Communications holds 74 per cent of Aircel, while the remaining is held by Sindya Securities and Investments Pvt Ltd. Aircel holds licences for all 23 telecom circles in the country.
"Maxis sees itself as a long-term player in India, but will listen to offers, in the wake of regulatory and policy uncertainty,'' the executive told the paper.
A Sistema India spokesperson told the paper that it was not in talks with Aircel. "Sistema Shyam Teleservices Ltd believes that the talk of engaging with other telecom service providers for a possible acquisition deal is motivated," the spokesperson said.
Sistema is already present in India through its 56.68 per cent stake in the joint venture, Sistema Shyam Teleservices Ltd. The remaining stake is held by the Shyam Group and the Russian government.
The Central Bureau of Investigation (CBI) is probing businessman C Sivasankaran, the original promoter of Aircel, in connection with the 2G spectrum scam, as to whether he sold his stake to Maxis under pressure from the then union telecom minister Dayanidhi Maran.
