Reliance Communications and South African operator, MTN are all set to finalise the merger of the two entities under which Reliance will receive 35 shares of MTN for every 100 shares of RCom, says a report in a leading business daily.

The deal is different from the one worked out between Bharti and MTN. Bharti walked out of the deal after it felt that it may end up as a subsidiary of MTN. The deal worked out between RCom and MTN however positions both the companies at par and does not in any way results in any company becoming the subsidiary of other.

Additionally the new structure is reported to be in compliance with FDI norms in India.