Malaysia-based telecom operator Maxis Berhad is planning to exit India by selling its telecom unit, Aircel, says news reports.
Maxis Berhad holds a majority stake in Aircel. The company is considering various options including a complete exit, a partial stake sale or even an initial public offering. It is reportedly in talks with different bankers representing potential buyers.
Maxis Berhad?s decision to exit India has been prompted by the regulatory and policy uncertainty in the telecom industry and the ongoing probe by the Central Bureau of Investigation (CBI) against Aircel?s top management.
Currently, the CBI is probing the circumstances under which Maxis Berhad acquired Aircel from its promoter C. Sivasankaran, who has alleged that he had to sell the company to Maxis Berhad under political pressure.
Even amidst talks of its exit from the country, Maxis Berhad has ruled out distress sell. The company says that it will consider all the available options to arrive at an appropriate valuation for its business.
