Maxis in talks with Idea for Aircel stake sale: Sources

Malaysia’s Maxis Communications has revived talks to sell its majority stake in Chennai-based telecom company Aircel. Sources told CNBC-TV18 that Maxis is in prelimnary talks with Idea Cellular for the stake sale. Executives from both Idea and Maxis have met to discuss the deal. Sources say talks are going on to acquire user base, assets and employees of Maxis. Currently, Aircel is present in 22 circles with a customer base of 61 million of January 2014. The company had curtailed GSM operations in five circles unprofitable due to high operating costs. The circles were Gujarat, Madhya Pradesh, Haryana, Uttar Pradesh (W) and Kerala. Aircel has a debt of about Rs 23,000 crore. Sources say the debt burden and the ongoing CBI probe against the company may be roadblocks to the deal. The government has sought ownership details of Aircel, its parent Maxis Communications, and other associated companies, following up on a letter by BJP leader Subramanian Swamy who feared a threat to India's security due to Saudi Telecom's stake in a unit of the South East Asian nation company.While Idea said that it cannot comment on market speculation as per policy, Aircel is yet to respond to the CNBC-TV18 query on the report.