Maxis Communications Bhd. and the Chennai-based Reddy family's Apollo Group (NASDAQ:APOL) will acquire a 100-percent stake in Aircel, which has headquarters in southern India, the Press Trust of India reported Friday.

The buyers will inject $280 million of the purchase price into Aircel as operating cash.

Upon completion of the deal, Maxis will hold a 74-percent stake in Aircel directly, the most allowed under current Indian law, while the Reddy family will hold the balance of the interest in Aircel.