Maxis To Exit India

BANGALORE, July 11 (Bernama) -– Maxis Bhd has held preliminary discussions to sell its Indian unit, Aircel, with bankers representing Russia's Sistema as the Malaysia's largest telecommunications service operator "listens to offers". Regulatory and policy uncertainties and the probe on Maxis' founder, T. Ananda Krishnan, and other top officials for alleged involvement in a telecommunications scandal in India have prompted the move, the Economic Times reported. "Maxis sees itself as a long-term player in India, but will listen to offers in the wake of regulatory and policy uncertainties. "Bankers have brought many potential permutations and combinations for mergers and strategic alliances, including Sistema, to the company," said an executive close to Maxis with direct knowledge of the discussions. Maxis, Malaysia's leading telecommunications provider, has held a few rounds of discussions with bankers representing Sistema but the discussions can be considered serious only if they reached a stage where the potential suitor begins a due-diligence of Aircel's accounts, said the executive. The English daily, quoting the executive, said Maxis was also upset with the way the investigating agencies had dragged Ananda Krishnan and other top officials into the probe surrounding the circumstances under which the Malaysian company acquired Aircel from serial entrepreneur, C. Sivasankaran. The Central Bureau of Investigation is probing Sivasankaran's charge that he was pressured to sell Aircel to Maxis by former telecommunications Minister Dayanadhi Maran. Maran and Maxis have vehemently denied any wrongdoing. However, a Sistema India spokesperson had denied the company was in talks with Aircel. -- BERNAMA