"Anil Ambani-controlled Reliance Communications Ltd (R-Com) has signed a definitive agreement to merge its wireless business with smaller rival Aircel Ltd to create India’s third largest telecom operator by users,” reported Mint.

Aircel owner Maxis Communications and Reliance will each own 50 per cent in the merged company, which will continue to hold significant debt.

Khaitan & Co partners Haigreve Khaitan, Niren Patel and Mehul Shah acted for Aircel.Kirkland & Ellis was international counsel for Aircel.

J Sagar Associates (JSA) partner Sandeep Mehta acted for Reliance Communications, with partners Rajesh Pal, Manav Raheja, Nitin Kala, principal associate Malav Shah, senior associate Aarti Iyer, and associates Prannoy Semwal, Ashrafi Ginwala and Malini Rao.

Slaughter and May acted for Reliance Communication as international counsel.

Cyril Amarchand Mangaldas managing partner Cyril Shroff and partner Radhika Gaggar acted for Aircel’s indirect minority shareholders Sindya Securities & Investments Private Limited, which holds the minority stake in Aircel Limited through Deccan Digital Networks Private.