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Thursday, July 07, 2016

Reliance Communications Ltd: Buy
CMP: Rs.52.20


In the other two circles (Assam and North-East), Reliance Communications already had liberalized spectrum (which allows telecom operators to use any technology to deliver mobile services such as 3G and 4G) in the 850MHz band, bought in the last auctions in March 2015.

Reliance Communications (RCom) and the promoters of Aircel are set to ink a "binding definitive" pact in around two weeks to merge their wireless businesses, which would create a strong No. 4 telco through India's first such pan-India deal. 

"RCOM and Maxis Communications Berhad (MCB) and Sindya Securities and Investments Private Limited (Sindya), the shareholders of Aircel the proposed transaction for the combination of the Indian wireless business of RCOM and Aircel very shortly," the Anil Ambani-owned carrier said. 

Meanwhile, RCom's customers of its erstwhile CDMA services will be able to start using 4G services starting with users in Mumbai from July 1 under the company's spectrum sharing agreement with Reliance Jio Infocomm. Customers in Delhi, Kolkata, Gujarat and Andhra Pradesh will gradually follow in the first phase. 

"It's a done deal. Just formal approvals are left to be tied up," said a person familiar with the discussions. "The deal should close in the next six to seven months." 

RCom will demerge its wireless business and merge it with the existing unlisted Aircel, with promoters of both sides owning 50% each in the new entity. 

Therefore, the investors can take position in the shares of Reliance Commuications Ltd at the CMP of Rs.52.20, for short term targets of Rs.57-60-66-71.
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