On Monday, Reliance Communications (RCom) said that it has received the approval of CCI for its deal to acquire Russian conglomerate Sistema’s Indian telecom unit, Sistema Shyam Teleservices Ltd (SSTL) which operates under the MTS brand.

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

RCom has, in November, announced the acquisition of Sistema’s Indian telecom unit in an all stock deal that will create an operator with 118 million subscribers.

According to the deal, SSTL will be holding around 10% stake in RCom and pay off its existing debt before closing the deal.

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