Both MTN and billionaire Anil Ambani-led RCom entered exclusive talks for a possible merger last month.
"Ken Costa, the veteran London-based banker, has been appointed by Reliance Communications, the second largest Indian mobile company, to advise on its negotiations with MTN, Africa's largest wireless group," The Times said.
Costa is the chairman of Lazard's international business and co-head of UK investment banking. "The Reliance advisory role will be seen as a coup for the dealmaker, who rivals say was brought in to bolster Lazard's profile, which had recently slipped on big-ticket mandates," it added.
The Times said the options being discussed by Reliance and MTN involve an arrangement under which Anil Ambani would take 34 per cent of an enlarged MTN, a holding that would make him the largest single stakeholder but would not trigger an obligatory open offer for the remainder of the South African company.
"Combined, the companies would form the fourth-largest mobile group in the world, after China Mobile, Vodafone and China Unicom," it said.
According to the report, published on the newspaper's online edition, Costa's past deals include the relocation of Anglo American, the mining giant from Johannesburg to London, and the acquisition of the Ritz by the Barclay brothers, Sir David and Sir Frederick, in 1995.
"Earlier this year he advised Olivant, the investment vehicle owned by former UBS executive Luqman Arnold on its failed bid for Northern Rock," the report added.
