Maxis Explores Exit Options

Maxis Communications Bhd. is exploring the exit options from India and is in discussions with several parties to sell its stake in a local telco Aircel Ltd., reports The Times Of India. (See Does RIL Have Eyes for Aircel?.)

Malaysia-based Maxis owns 74 percent stake in Aircel and reports suggest that the company has held a few rounds of discussions with bankers representing Sistema and evaluating the prospects of a buyout deal. Russia-based Sistema, has its India venture Sistema Shyam TeleServices Ltd., in which it holds 56.68 percent stake. The other partners in the joint collaboration are Shyam Group and the Russian Government.

This is not the first time though, that Maxis has been toying with the idea of selling its stake. Last year, the company was said to be in advanced stages of selling its stake with Reliance Industries Ltd. (RIL). (See Does RIL Have Eyes for Aircel?.)

The decision comes after the CBI started probing Maxis' purchase from the C Sivasankaran Group in 2007, last year. Sivasankaran had alleged the involvement of former telecom minister Dayanidhi Maran who forced him to sell the business to Maxis.

The buzz in the industry was Aircel had restructured its business into two divisions last year with the idea of hiving off one division. (See IndiaWatch: Aircel Restructures.)

Jatinder Singh, Principal Correspondent, Light Reading India