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Anil Ambani’s Reliance Communications (RCOM) is looking at alternative structures for not letting the possibility of a deal die with telecom giant MTN. RCOM perhaps in a partnership with Middle East based sovereign Wealth fund may buy large equity stake in MTN. This move will make RCOM the single largest shareholder in MTN.
The Anil Dhirubhai Ambani Group (ADAG), in order to avoid legal disputes with Reliance Industries Limited (RIL) over the latter’s claim of right of first refusal if RCOM were to enter into a reverse merger deal with MTN, is thinking over the new options. RCOM is hence looking at directly acquiring stake in MTN. The earlier choice of MTN making an open option to RCOM, and the latter becoming a subsidiary of MTN has however not yet been closed by Reliance ADAG.
