Russian billionaire Vladimir Yevtushenkov, owner of Sistema group, confirmed that he has been in talks with Reliance group chairman Anil Ambani about combining their operations.
"We’ve been talking to different people regarding business expansion," Yevtushenkov said. “Honestly, there is nothing much to say.”
The deal is said to be structured in such a way that it would involve a share swap with no cash changing hands although the companies have yet to agree on the pricing terms, people with knowledge of the matter told Bloomberg.
“The query is completely speculative and incorrect, and we strongly deny any such move,” Reliance Communications said in an e-mailed statement to the news agency.
The news comes at a time where Telenor, the parent company of Indian operator Uninor, is reportedly in talks to acquire a majority stake in Videocon Telecom for approximately $1.56 billion (100 billion rupees).
