Reliance quits deal with Aircel
Oct 3, 2017-
Indian billionaire Anil Ambani’s Reliance Communications has called off a merger deal with smaller rival Aircel over “legal and regulatory uncertainties”, throwing its debt repayment plans into doubt. The cash-strapped telecom firm, better known as RCom, had announced last September it was combining its wireless mobile services with Aircel’s Malaysia-based parent Maxis Communications Bhd to cut debt. The merger would have created the country’s fourth-largest carrier after three dominant players Airtel, Vodafone and Idea. On Sunday, RCom said both companies agreed to cancel the deal, which was slated to be completed this year. “Legal and regulatory uncertainties, and various interventions by vested interests, have caused inordinate delays in receipt of relevant approvals for the proposed transaction,” Prakash Shenoy, RCom secretary, said in a statement.
Published: 03-10-2017 09:08