The two operators began discussing a merger in December and following “substantial progress”, have again extended the exclusivity period for talks for another 30 days. This is the second extension of the talks.
"The discussions, though at advanced stage, are non-binding in nature. Any transaction is subject to completion of due diligence, definitive documentation and regulatory, shareholders' and other third party approvals. Hence, there is no certainty that any transaction will result," said RCom.
According to local reports, RCom and Airtel are planning a 50:50 joint venture in which each entity will contribute an equal amount of debt to the new group.
If successful, the combined group will become India’s third largest mobile operator, with over 188 million customers.
