Reliance Communications (RCom) on Thursday said stock exchanges BSE and NSE gave their go-ahead to its deal to acquire Russian conglomerate Sistema’s Indian telecom unit, Sistema Shyam Teleservices ltd (SSTl).
“We wish to inform you that we have received observation letter from BSE ltd and National Stock Exchange of India ltd (NSE),” Reliance Communications said in a BSE filing.
It further said, “The company and SSTl are proceeding to file necessary application with the Bombay High Court and Rajasthan High Court respectively for approval of the scheme.”
In November, India’s fourth-largest telecom operator RCom announced acquisition of Sistema’s Indian telecom unit in an all-stock deal that will create an operator with 118 million subscribers.