Reliance-Aircel Merger Called Off

Telecom operators Reliance Communications and Aircel on Sunday terminated their mobile business merger deal. "Merger of mobile business of RCom and Aircel lapses with mutual consent," Reliance Communications said in a release.

Both the telcos had signed binding agreements in September 2016 for the merger of RComs mobile businesses with Aircel.

Legal and regulatory uncertainties, and various interventions by vested interests, have caused inordinate delays in receipt of relevant approvals for the proposed transaction, the Anil Ambani-led firm said.