Morgan Stanley said its analysis of the stock price's history over the last 15 years suggests that RIL has typically outperformed once it starts generating free cash flow after its capex mode and a similar cycle is now likely to play out. “We chalk out a potential roadmap for the stock to double to reach market cap of US$100 billion (Rs 6.8 trillion),” said the report dated March 1.

"We wish to inform you that the Competition Commission of India (CCI) has approved the transfer of telecommunications undertaking of Sistema Shyam Teleservices Ltd (SSTL) to the company," Reliance Communications said in a BSE filing.

The merger is subject to the condition that the two parties each reduce their debt to less than Rs.10,000 crore. That condition is unlikely to be met unless R-Com manages to sell its tower assets and Aircel sells some of its spectrum.

"We have paid liberalization fee in relation to spectrum in the 800 and 850 MHz band held in 16 telecom circles," the telco informed the National Stock Exchange (NSE) in a statement.

As part of the enhanced strategic collaboration, both companies also intend to enter into reciprocal Intra Circle Roaming (ICR) arrangements, the companies said in a joint statement.

"We wish to inform you that we have received observation letter from BSE Ltd and National Stock Exchange of India Ltd (NSE)," Reliance Communications said in a BSE filing.

Also, a one-time fees for spectrum usage charges of Rs 1,596 crore has been raised, according to sources.

Even as the entities have written to the Competition Commission of India (CCI) for approval, both RCom and Aircel are working on lowering their debt, which they have agreed to cap in the new entity at Rs 20,000 crore. Sistema Shyam has agreed to settle its liabilities ahead of the merger with RCom.