Global Communication Services Holdings Limited (GCSHL), a wholly owned subsidiary of Malaysian telecommunications company, Maxis Communications Berhad, has applied to the Foreign Investment Promotion Board (FIPB) to increase its direct and indirect shareholding in Aircel from 26 per cent to 73.9 per cent. In December 2005, Maxis had announced the acquisition of the C. Sivasankaran-promoted Aircel for $1.1 billion in partnership with the Chennai-based Reddy family. On January 6, 2006, GCSHL had subscribed to 26 per cent equity shares of Aircel for $280 million. The remaining 74 per cent is held by Aircel Televentures, according to the FIPB application. Now, GCSHL wants to buy 39 per cent more from Aircel Televentures, taking its direct holding in Aircel from 26 per cent to 65 per cent. GCSHL and its Indian partner, the Reddys, will form a joint venture through Deccan Digital Networks, which will purchase the remaining 35 per cent equity of Aircel from Aircel Televentures.

Thus, GCSHL will have an indirect shareholding of 8.9 per cent in Aircel and the direct and indirect foreign holding in Aircel's equity shares by GCSHL would be 73.9 per cent while the domestic holding would be 26 per cent.