16 Jun 08 Reliance Communications – MTN Reverse Merger on track

There are press reports indicating that Reliance Communications senior management has said that the Rcom and MTN reverse merger deal is on track, despite being threatened by Reliance Inudstries. RIL had sent strongly worded legal notices to both MTC as well as Reliance Communications saying that the proposed deal with be in violation of agreements entered betweent Anil Ambani’sÃ‚Â ADAG groupÃ‚Â and Mukesh Ambani’s Reliance group when the group split into two. According to RIL, Reliance Inudstries Limited has the right of first refusal and hence the deal with MTN cannot go ahead without permission from RIL.

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