Reliance-Aircel pact

MUMBAI: Reliance Communications Ltd, India’s fourth-biggest mobile phone carrier, said on Tuesday it is holding non-binding but exclusive talks for a potential merger of its wireless business with smaller rival Aircel. Reliance Communications, controlled by billionaire Anil Ambani, has entered into a 90-day exclusivity period with Aircel’s majority owner Malaysia’s Maxis Communications Bhd and another shareholder Sindya Securities and Investments Pvt Ltd, Reliance said in a statement.