Malaysia’s Maxis Communications has acquired cellular operator Aircel for $1.08 billion, the largest Malaysian investment in India.

Malaysia’s Maxis Communications has acquired cellular operator Aircel for $1.08 billion, the largest Malaysian investment in India. Maxis and its Indian joint venture partner, the Chennaibased Reddy family, have purchased 100 per cent of the equity in Aircel. Maxis will hold a 65 per cent direct equity stake in Aircel, while the Indian joint venture company will own 35 per cent.

Aircel has 2.2 million subscribers in Tamil Nadu. Maxis becomes the latest player to enter India’s mobile arena following the government’s decision in October to allow foreign investors to own up to 74 per cent of local companies, up from 49 per cent.