After GTL it now seems to be the turn of Emirates telecommunication Corp to back out from its deal with Anil Ambani's Rcom.

The second largest telecom operator in the Arab world in terms of market value has said that the it does not expect its deal with Rcom to fructify which was supposed to take place in end of 2010. The announcement was made by the international chief of the company, Jamal al-Jarwan on Tuesday.

He said that there are some fundamental differences between the two and that is why the company is now looking for other options in the country. He said that Idea Cellular is one such company. Besides Emirates is also looking at Morocco as an investment option.

In early June, Rcom had announced that it is going for a deal with Emirates wherein it would sell 26 per cent of its stake. Till now, the things were going fine.

It is said that the deal was very important for the debt-ladden Rcom.

Post the announcement, the shares of Rcom came down significantly and it is expected that the same will go down even further.