Telecom giant Reliance Communications Ltd said on Sunday it had mutually agreed with smaller rival Aircel to call off a proposed merger of its wireless business, citing delays due to regulatory and legal uncertainties and interventions by various parties.
The company, widely known as RCom, had been trying to reduce its heavy debt by 250 billion rupees by merging its wireless business with rival Aircel and by selling a stake in its mobile masts arm to a unit of Canada's Brookfield Asset Management.
RCom's net debt stood at 443.45 billion rupees ($6.92 billion) at the end of March.
RCom calls off merger of wireless unit with Aircel - Times of India
The company, widely known as RCom, had been trying to reduce its heavy debt by 250 billion rupees by merging its wireless business with rival Aircel and by selling a stake in its mobile masts arm to a unit of Canada's Brookfield Asset Management.
RCom's net debt stood at 443.45 billion rupees ($6.92 billion) at the end of March.
RCom calls off merger of wireless unit with Aircel - Times of India
