Malaysian mobile giant Maxis, in partnership with the Chennai-based Apollo Group, will acquire a 100% stake in Aircel for $1.08 billion. Of the total investment, $280 million will be injected into the Tamil Nadu-based mobile operators company as cash. This implies a pre-money equity valuation of $800 million for Aircel. On completion of the proposed acquisition, Maxis will hold a 65% equity stake in Aircel directly, while a joint venture company will hold the remaining 35%, Maxis, in a disclosure to the Malaysian stock exchange, said. The joint venture will be an Indian company jointly owned by Maxis and the Reddy family, owner of the Apollo Group, in a ratio that will give Maxis an overall equity interest in Aircel of 74%, the maximum foreign ownership permitted in Indian telecoms companies. Full article Telecom Asia