RCom, Reliance Jio terminate agreement for sale of telecom assets2Photo© business-standard.com

RCom, Reliance Jio terminate agreement for sale of telecom assets

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The deal between the two Ambani brothers, Anil and Mukesh, has fallen through as Reliance Communi­cations (RCom) and Reliance Jio agreed to terminate the asset-sale agreement on Monday. RCom has cited delays in approval from the government and lenders as the reason.

In a statement on Monday, RCom said the agreements dated December 28, 2017, and August 11, 2018, entered into between RCom, Reliance Telecom (RTL), and Reliance Infratel (RITL), which constitute the RCom group, on the one hand, and Reliance Jio Infocomm, on the other, for the sale of specified telecom assets had been terminated by mutual agreement because the “transactions have become incapable of being consummated in accordance with the terms thereof”.

The RCom group said they were “committed to a comprehensive resolution of its overall debt, with transparency, certainty and finality, through the NCLT (National Company Law Tribunal) process”.