RCom gets Bombay High Court approval for MTS merger

rcomReliance Communications said its merger with Sistema Shyam Teleservices has been approved by the Bombay High Court.

The Anil Ambani company is merging with SSTL, which operates telecom services under the MTS brand in India.

After the merger, RCom shareholders will hold 90% of the resulting entity, with the remaining held by MTS.

After this merger, the RCom-MTS entity will again merge with Aircel Cellular. At the end of that merger, shareholders of RCom-MTS will hold 50% of the resulting company, with the remaining going to Maxis, the owner of Aircel.

All mergers of public limited companies in India must get approval from the respective High Courts.