RCom has entered into a 90-day exclusivity period with Maxis Communications Berhad (MCB) and Sindya Securities and Investments Private Limited, who are the shareholders of Aircel Ltd.

RCom has already received more than 50% of the sale proceeds and the balance amount will be realised in the next 2-3 months, the company said in a statement.

Though the amount of deal was not disclosed by the company, independent estimates put the asset value at around Rs 20,000-Rs 21,000 crore.

RCom owns about 96 per cent stake in Infratel and the sale would fetch it around Rs 22,000 crore, which will be used to retire some debt. The deal values Infratel at around Rs 22,500 crore. Reliance Infratel has about 43,500 mobile towers.

The sale of RCom's stake in Reliance Infratel to a private equity player would likely mark the complete exit of the fourth largest telecom services provider by customers from the telecom tower business in India.

It reported a net profit of Rs 156 crore on a revenue of Rs 5,355 crore during the quarter. The net income was two per cent higher than Rs 153 crore posted in the same period a year ago, but lower than Rs 177 crore net profit seen in previous quarter.

The company which runs the only all-CDMA technology based network under the brand MTS will come without any debt, as its promoters will repay all loans prior to the merger, a joint statement said.

“Reliance Communications has informed BSE that a meeting of the board of directors of the company will be held on 2 November, inter alia, to consider a scheme of arrangement for demerger of telecom business undertaking of Sistema Shyam Teleservices into the company,” R-Com said in the notification.

Though CNBC TV18 reported on Thursday morning that the due diligence is over and the board will meet next month, the two sides denied any such development.