The Indian wireless space has been a bit of a soap opera this past year, and in the latest twist the expected merger between Reliance Communications and Aircel has fallen apart. RCom announced on Sunday that in the face of legal and regulatory delays the two companies had allowed the arrangement to "lapse by mutual consent".
Reliance had been counting on the deal to help reduce the debt load that it has labored under for several years now. Hence, the question of how they will now deal with that debt is once again in play. They do still have a separate deal with MTS India and a sale of a stake in their tower infrastructure business in the works, but this was the biggest of the moves they were making.
Other possibilities include monetizing some of the company's spectrum or its fiber assets. That could potentially put their international fiber arm GCX in play once again.