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Spokespersons of both RIL and RCOM declined to comment on the arbitration issue.
"The two sides were unable to conclude the transaction due to certain regulatory issues," RCOM said in a statement three days before the expiry of the extended agreement between MTN and ADA group firm for exclusive talks.
Meanwhile sources in the know said MTN has possibly started looking at Bharti Airtel, a Chinese company and a Russian entity for negotiations, but no confirmation could be obtained from the concerned corporate
RIL keeps mum
Mukesh Ambani group flagship company RIL, that has initiated the arbitration process against Anil Ambani group firm RCOM on its negotiations with South African MTN for a possible merger, declined to comment on Friday on the collapse of the deal.
"We have no comments to offer at this point," RIL spokesperson said when asked about comments and the fate of the Arbitration, for which the company had nominated Justice B P Jeevan Reddy as the arbitrator on Thursday.
The negotiations between RCOM and MTN had hit a rough pocket last month when RIL claimed the first right of refusal on majority stake in ADA group company, which was perceived to be talking for a deal through share swap.
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