"We are delighted to make this strategic entry into the Indian telecommunications market," Maxis chairman Megat Zaharuddin said in a company statement.
On completion of the proposed acquisition, Maxis will hold a direct 65 percent equity in Aircel, while a company formed with its Indian partner, the Chennai-based Reddy family, will hold the remaining 35 percent. The Reddy family own the Apollo Hospitals Group, the largest private hospital group in Asia.