MUMBAI: Business magnate T Ananda Krishnan, Malaysia‘s second richest man, is looking to buy out Maxis Communications, the South East Asian country‘s biggest mobile-phone operator.

Krishnan‘s investment company Usaha Tegas and its affiliates hold a 46 per cent stake in the telecom giant, which is valued at $ 9.6 billion. Mopping up the remaining 54 per cent would cost Krishnan a reported $ 5.1 billion. The buy offer is expected to be made by 3 May.

India is reportedly a big part of the strategy involved in Krishnan‘s intention to take complete control of Maxis. The telco is lining up spends in the region of $3 billion over the next five years to expand its network in India.

Maxis said this month it plans to spend $3 billion in the next five years expanding its network in India to counter slowing growth at home.