Sterling Infotech Group and Hutchison Essar Group have terminated the agreement, which contemplated acquisition of Sterling's Aircel and Aircel Cellular by Aircel Digilink India, a part of the Hutch Group.
The company said that intense competition following the disruptive entry of a new player, legal and regulatory challenges, high level of unsustainable debt and increased losses had together caused significant "negative business and reputational impact".
A series of failed loan recast programmes continues to haunt banks.
Former Telecom Minister Dayanidhi Maran, his brother Kalanidhi Maran and six others, including four companies, were on Friday chargesheeted by the CBI in a special court in the Aircel-Maxis deal case arising out of the investigation in the 2G spectrum allocation scam.
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