RCom, Reliance Jio terminate pact for sale of telecom assets

Nearly 15 months after Anil Ambani agreed to sell assets of Reliance Communications to a telecom firm run by elder brother Mukesh, the two groups Monday called off the deal citing delays in approval from the government and lenders.

“The said transactions have become incapable of being consummated in accordance with the terms thereof, on account of various factors and developments since the execution of the said agreements nearly 15 months ago…,” RCom said in a regulatory filing.

The reasons included non-receipt of consents / objections from RCom’s over 40 foreign and Indian lenders in relation to the proposed transactions even after 15 months and over 45 meetings, as well as the non receipt of permissions and approvals from the telecom department.