Anil Ambani group firm Reliance Communications [Get Quote], on Monday, said news reports that it was acquiring the English Premier League club Newcastle United for an estimated 260 million pounds were false and baseless.

"The news reports are completely false and baseless. There are no such plans," Reliance Communications said in a statement.

On Sunday, UK-based tabloid the News of the World had reported that "Newcastle United owner Mike Ashley is in talks with Anil Ambani, the sixth richest man in the world and head of Reliance Communications, India's biggest telecom company".

Newcastle is in the midst of a massive 260-million-pound takeover battle between Asia's two richest companies Reliance Communications and Singapore-based global investment company Profitable Group, it added.

Both Reliance Communications and Profitable Group are ready to pay 260 million pounds to own the Magpies outright and are determined to spend more than 100 million pound on transfers to bolster the team, the report said.

Billionaire Ashley had bought Newcastle in July, 2007, for 130 million pounds and immediately pumped in another 80 million pounds to wipe out the debts.

"Ashley, however, was not able to spend anywhere near as lavishly as most of the Newcastle United players demanded," the report said, adding "He has made it clear he will not sanction the kind of huge signings, which might help challenge for a Champions League place".