Industry sources said MTN top brass including Azmi Mikati, the chief executive of the investment unit that is MTN's second-largest shareholder and Phuthuma Nhelko, the chief executive of MTN are positively inclined to have LSE listing of the merged entity.
However, the combined entity would continue to be listed in Johannesburg through MTN and in Mumbai through Reliance.
Sources said currently both the companies are working out the swap ratio and it is understood that Ambani wants to exchange his 66 per cent stake in Reliance Communications under a mechanism yet to be agreed for a 34.9 per cent stake in MTN.
The broad contours of the final agreement between them regarding share swap, modalities are likely to be finalised in the next 10 days, said industry sources.
MTN's talks with RCom started after Bharti Airtel pulled out of negotiations with MTN.
Although the value of that MTN stake has yet to be agreed, it could constitute one of the biggest investments by an Indian company overseas, alongside Tata Steel's about $12 billion takeover of Corus last year.
