Reliance Communications is looking to merge with Sistema Shyam

Reliance Communications and Russia's Sistema are considering the feasibility of a merger through a stock swap.

"The discussions are indicative and non-binding in nature, and remain subject to due diligence, definitive documentation and approvals, as may be necessary," Reliance Communications said in a media statement on Monday.

"There is no certainty that any transaction will result," the statement added.

The Ambani-owned Reliance Telecom was earlier reported to be in talks on a possible takeover of SSTL, a unit of Russia's Sisterma JSFC, in an all-stock deal.

Sistema Shyam has reportedly said it agrees with the Reliance’s official statement.

(Image credit: Indiatimes)