Telecom tycoon Sunil Mittal is seeking a stake in Paytm

Indian telecommunications tycoon Sunil Mittal is seeking a stake in Paytm by merging his financial services unit into the fintech giant’s payments bank, according to people with knowledge of the matter.

Mittal seeks to fold Airtel Payments Bank into Paytm Payments Bank in a stocks deal and is also seeking to buy Paytm shares from other holders, the people said, asking not to be identified discussing private information. Talks are in early stages and Airtel and Paytm may not reach a deal, the people added.