GTL Infra cancels its tower merger deal with Reliance Infratel

GTL Infra cancels its tower merger deal with Reliance Infratel GTL Infrastructure has decided to cancel its deal with Reliance Infratel. The two firms have earlier decided to the telecom tower business with each other. But now GTL Infrastructure has decided to make a call off from the venture. However, the statement over this issue has not yet been received from the Anil Ambani-led Reliance Infratel.

GTL Infrastructure has informed this fact in a filing at the Bombay Stock Exchange. It has also said that the Non-Binding Term Sheet has already been expired on 31st of August this year. This deal was signed by both the parties on 27th June in 2010.

The filing added that there has been number of efforts to extend the Term Sheet. Both the parties have denied extending the Term Sheet further.

They could not able to enter into any definitive transaction agreements during this period as well. So finally the merger deal could not take place as decided earlier. So finally, GTL has decided to end up the deal with Reliance Infratel for the possible merge.