According to those with knowledge of the situation, Indian telecom mogul Sunil Mittal wants to acquire a stake in Paytm by combining his financial services business with the payments bank of the fintech behemoth.

According to the people, who asked to remain anonymous because they were sharing private information, Mittal wants to merge Airtel Payments Bank with Paytm Payments Bank through a stock deal and also buy Paytm shares from other shareholders. Airtel and Paytm may not achieve an agreement at this point in the negotiations, the people said.