Slaughter and May and J. Sagar Associates have advised India’s Reliance Communications on its merger with smaller rival Aircel, which was represented by Kirkland & Ellis and Khaitan & Co.

This is understood to be the biggest merger in India’s telecom industry to date, creating an entity that has an asset base of $9.7 billion. 

Malaysia-based Maxis Communications, Aircel's parent firm, and Reliance, controlled by billionaire Anil Ambani, will each own 50 percent of the mobile phone operator, which will be India's third-biggest by customers, according to Reuters.

Cyril Amarchand Mangaldas acted as Indian legal counsel to Sindya Securities & Investments, an indirect minority shareholder in Aircel. The CAM team was led by partner Radhika Gaggar.

The newly merged company will start with bank debt of about $4.2 billion on its books, added Reuters.