Billionaire Mukesh Ambani-controlled Reliance Industries is conducting an advanced due diligence exercise on telecom services provider Aircel, three people said on condition of anonymity. Reliance Industries has completed atleast three rounds of due diligence on Aircel and may offer to buy a controlling stake in the company if talks between the two sides result in a deal. Reliance Industries marked its foray into the telecom sector by acquiring Infotel Broadband for close to $1 billion last year giving it broadband wireless access licenses in 22 circles across India. A spokesperson for Reliance Industries denied any such move. An Aircel Spokesperson said in response to queries from ET Now, “This is a baseless rumour and a mere speculative report”. […]