Reliance Communications (RCom) calls off merger with Aircel.

Reliance Communications (RCom), which is having a huge debt of around Rs.47,000 crore, was trying to seek a merger with the Aircel. Both the companies have signed agreement for the merger and have already moved the papers. However, due to procedural delay, the merger has not materialised so far, and both the companies have agreed by mutual consent, to allow the agreement to lapse.