Consolidation has been the key word for the Indian mobile market. The merger of Aircel and Reliance (RCom) fellthrough last year and, consequently, RCom decided to exit the Indian mobile market. Reliance Jio Infocomm Limited (Jio) has agreedto snap up RCom's towers, spectrum and fibre optic cable. Meanwhile, Maxis is aiming to invest up to USD1.1bn in Aircel in an effortto make the company more attractive to other suitors; this leads us to believe that consolidation is set to accelerate and we believeAirtel is best placed to snap up Aircel's mobile business. We believe that there is still plenty of room for organic mobile subscribergrowth, as advanced mobile and data services uptake, including 3G/4G, have been relatively slow and will provide significantopportunities for upselling out to 2022.