MUMBAI -- Reliance Industries Ltd. is not in talks to buy a stake in unlisted mobile phone operator Aircel Ltd., a person with knowledge of the matter said Wednesday.
Separately, an Aircel spokesman described as a "baseless rumor" and "speculative" an ET Now television report which said that Reliance Industries is conducting due diligence on Aircel to buy a 74% stake owned by Malaysia's Maxis Communications Bhd.
India's Sindya Securities & InvestmentsPvt. Ltd., part of Apollo Hospitals Group, owns the rest of Aircel.
Reliance Industries spokesman Tushar Pania declined to comment, while Maxis officials couldn't be immediately reached.
Reliance Industries, India's largest private oil refiner and explorer, last year re-entered the country's fast-growing telecommunications sector. It says it plans to drive growth through new businesses such as telecommunications in the next few years.
In 2010, Reliance paid about 48 billion rupees ($1.08 billion) to buy 95% of Infotel Broadband, which won a government auction of radio waves to offer wireless broadband services in the entire country.
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