![\"MTN](\"http:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2014\/07\/MTN-due-diligence-tweet.png\")
<\/a>MTN due diligence tweet<\/p><\/div>\n
Last year, MTN Group<\/a> held detailed discussions for a potential acquisition in India with\u00a0Reliance Communications<\/a>, the\u00a0company\u00a0it tried unsuccessfully to merge with in 2008.<\/p>\n However, the talks were put on hold, according to Bloomberg, citing \u201cthree people with knowledge of the situation\u201d.<\/p>\n The media house said that MTN had been discouraged by a revision in India of its telecommunications mergers and acquisitions rules.<\/p>\n The Indian commissions approved the proposal to raise the cap on foreign direct investment (FDI) in the telecom sector to 100% from a a prior high of 74%.<\/p>\n International operators had been limited to a 49% holding \u2013 rising to a maximum 74% with special regulatory approval from the Foreign Investment Promotion Board (FIPB).<\/p>\n According to Bloomberg, discussions between the two parties centered around MTN taking about a 24% in Reliance Communications, with a market value of about $1.2 billion.<\/p>\n Reliance Communications, which is owned by billionaire Anil Ambani, boasts a customer base of over 130 million, including 7.2 million 3G customers and 29.4 million data customers.<\/p>\n MTN has also previously held talks with Bharti Airtel for a potential R24 billion merger deal in 2009, which was called off.<\/p>\n MTN did not return comment by the time of publication.<\/p>\n MTN India venture put on hold: report<\/strong><\/a><\/p>\n MTN courting India acquisition: report<\/strong><\/a><\/p>\nMore on MTN<\/h3>\n