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Reliance Comm may meet Reliance Ind-source
Posted by naatmad on Monday, 7 July, 2008
MUMBAI, July 7 – Reliance Communications , a source said a day before its period of exclusive talks with South Africa’s MTN Group ends, which an analyst said may mean a deal has not been struck yet.
Reliance Industries, India’s most valuable firm, has staked a right of first refusal on Reliance Communications’ shares, but India’s No. 2 mobile firm maintains that Reliance Industries’ claims were untenable, a source close to the development said.
Reliance Communications was prepared to meet with Reliance Industries in the week of July 14 “to clarify any doubts”, the source said, adding the meeting was not part of “conciliation” or “dispute resolution”.
“Anil may be seeking more time to convince Mukesh,” said Emeka Obiodu, senior telecoms analyst at Global Insight in London, referring to the chairman of Reliance Communications and his estranged brother, the chairman of Reliance Industries.
“But anything short of an unequivocal surrender of the purported first right of refusal by Mukesh will not be enough for MTN. The South Africans will not give up control of MTN to an uncertain future,” he said.
Source Reuters
