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Maxis acquires Aircel
By agencies | Wednesday, 04 January 2006, 00:00 Hrs
KUALA LUMPUR: Malaysia's top telecommunications company, Maxis has acquired Indian mobile provider Aircel for $800 million.
Maxis is the latest of the global companies entering India, the fastest growing mobile market in the world.
Maxis is teaming with the Apollo Group of India to acquire Tamil Nadu based provider Aircel. Sivasankaran promoted Aircel was earlier in talks with Hutch and Russian company Systema to sell its stake.
While Maxis will hold 74 percent, the maximum permitted FDI in telecom, the Indian partner, Reddy group, which owns Apollo group of hospitals, will hold the rest.
Maxis is the latest of the global companies entering India, the fastest growing mobile market in the world.
Maxis is teaming with the Apollo Group of India to acquire Tamil Nadu based provider Aircel. Sivasankaran promoted Aircel was earlier in talks with Hutch and Russian company Systema to sell its stake.
While Maxis will hold 74 percent, the maximum permitted FDI in telecom, the Indian partner, Reddy group, which owns Apollo group of hospitals, will hold the rest.
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