RCom scraps telecom asset sale to Reliance Jio1 min read . Updated: 18 Mar 2019, 07:59 PM IST
- RCom, Reliance Jio end deal for want of required regulatory approvals, RCom says
- RCom had announced the telecom asset sale to Reliance Jio in December 2017
Bengaluru: Anil Ambani-led Reliance Communications Ltd (RCom) said on Monday it terminated a deal to sell its telecom assets to Reliance Jio Infocomm Ltd, the mobile telecom firm controlled by Anil's elder brother and Asia's richest man, Mukesh Ambani.
RCom and Reliance Jio ended the deal after failing to get approval from the Telecom Regulatory Authority of India (Trai), objections from RCom's lenders and its decision to approach the bankruptcy court to resolve its debt, RCom said in a regulatory filing.
On Monday, RCom shares fell 9.30% to ₹4.00 apiece on the BSE while the benchmark Sensex gained 0.19% to end the day at 38,095.07 points.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.