RCom, Sistema in talks to merge telecom business in India

New Delhi: Anil Ambani-led Reliance Communication said it is in talks with AFK Sistema to merge the Russian conglomerate's Indian telecom operations through a cashless stock swap.  "Reliance Communications (RCOM) and AFK Sistema have entered into exclusive discussions on a potential merger between the Indian telecom business of Sistema Shyam TeleServices Ltd (SSTL) and RCOM through a stock swap," the company said in a statement.    

The discussions, it said, are "indicative and non-binding in nature, and remain subject to due diligence, definitive  documentation and approvals, as may be necessary."  Also, there is no certainty that any transaction will   result, the statement added.