RCom calls off merger of wireless unit with Aircel
Sun Oct 01 2017
Rajesh Sharma (2003 articles)

RCom calls off merger of wireless unit with Aircel

MUMBAI (Reuters) – Indian telecoms company Reliance Communications Ltd (RLCM.NS) 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 (BAMa.TO).

RCom’s net debt stood at 443.45 billion rupees (5.17 billion pounds) at the end of March.

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.

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