Anil Ambani-led Reliance Communications has agreed to merge its wireless telecom business with smaller rival Aircel to create the country’s 4th-biggest mobile phone operator with asset base of more than INR 65,000 crore. In the largest consolidation in the country’s telecom sector, RCom and Aircel’s majority owner, Malaysia’s Maxis Communications Berhad (MCB), announced signing of definitive documents for the merger of their Indian wireless businesses. RCom and Aircel will hold 50 per cent each in the new company. The board of the new company will have equal representation from the two sides.