Sterling terminates deal

Sterling Infotech group and Hutchinson Essar have amicably ended their agreement wherein the former's companies, Aircel and Aircel Cellular, were to be acquired by Hutch.

A Sterling press release today said the deal had been terminated because the Department of Telecommunications approval for it did not come. The companies had entered into a preliminary binding agreement in June 2004. The deal was to see Hutch buy a 49 per cent stake in Aircel for $362 million. The exclusivity period under the agreement had ended on November 1, 2004.