( CNN ) -- Indian telecom services provider Bharti Airtel Limited and South Africa 's MTN Group Limited have renewed merger talks with the aim of creating an emerging market telecom giant , both companies announced Monday . Bharti Enterprises chairman and group chief executive officer Sunil Bharti Mittal in New Delhi in November . Such a merger would create an operator with combined revenues of over $ 20 billion and a combined customer base of over 200 million , according to both companies . In addition to savings , `` this opportunity also represents a first of its kind in developing an Indian-African initiative that would serve as a shining example of South-South cooperation , '' said Bharti chairman and managing director Sunil Bharti Mittal . MTN CEO Phuthuma Nhleko called the case for such a deal `` highly compelling , '' saying , a merged company would have `` leading positions in three of the fastest growing wireless markets globally -- India , Africa and the Middle East , with no overlapping footprint . '' Under the potential deal , Bharti would acquire a 49 percent stake in MTN , and MTN and its shareholders would take an approximate 36 percent interest in Bharti . Bharti would also be able to fully consolidate the accounts of MTN under the deal , MTN 's statement said . Bharti would serve as the primary vehicle for expansion in Asia and India in particular , while MTN would be the primary vehicle for the conjoined company to expand in Africa and the Middle East , Bharti 's statement said . The two sides have agreed to hold exclusive talks until July 31 . Singapore Telecommunications , a major existing shareholder in Bharti , will remain if the deal is implemented , according to Bharti .
This would create an operator with combined revenues of over $ 20 billion . Bharti would retain a 49 % stake in MTN . Company CEO Phuthuma said : Case for such a deal ` ` highly compelling ''