March 18, 2019 / 2:12 PM / 5 months ago

India's RCom scraps telecom asset sale to Reliance Jio

FILE PHOTO: A worker cleans a mobile store of Reliance Communications Ltd, controlled by billionaire Anil Ambani, in Kolkata, India, September 10, 2016. REUTERS/Rupak De Chowdhuri

(Reuters) - Anil Ambani-led Reliance Communications Ltd (RCom) said on Monday it terminated a deal to sell its telecom assets to Reliance Jio Infocomm, the mobile telecoms firm controlled by Anil’s elder brother and Asia’s richest man, Mukesh Ambani.

The companies ended the deal after failing to get approval from the telecoms regulator, objections from RCom's lenders and its decision to approach the bankruptcy court to resolve its debt, RCom said in a statement here

Reporting by Chris Thomas in Bengaluru; Editing by Sai Sachin Ravikumar

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