Russian billionaire Vladimir Yevtushenkov, owner of conglomerate Sistema group, is learnt to have met Reliance Group chairman Anil Ambani recently to discuss combining their wireless operations in the country. Yevtushenkov on Friday confirmed a media report that he met the Indian tycoon for a possible JV but denied any plans to sell off the Indian unit.

"We've been talking to different people regarding business expansion... Honestly, there is nothing much to say. Talks with several parties were ongoing," he told a news agency without elaborating further.

Although at an early stage, the deal is said to be structured in such a way that it would involve a share-swap with no cash changing hands and the companies are yet to agree on the pricing terms.

This comes at a time when Norwegian firm Telenor is in talks to buy a majority stake in Videocon Telecom from Venugopal Dhoot-led Videocon Industries, with enterprise valuation of Rs 10,000 crore.

A Reliance spokesperson declined to comment while Videocon Industries chairman Venugopal Dhoot also refused to comment. The industry expects out of the 12 players, only the top four — Bharti Airtel, Vodafone, Idea Cellular and RCOM — and the cash-rich new entrant Reliance Jio would exist.