Merger with Aircel called off. While our base case was that it will go through,negative headlines were certainly increasing in recent weeks, so this doesn’tcome as a complete surprise;    Plans to monetize tower and fiber assets still on. Economic Times hashowever reported that Brookfield is looking to lower the offer price for telecomassets by as much as 25% (from INR110billion agreed earlier);    On monetization of real estate, it seems the plan has changed from outrightsale to development of the DAKC campus with partners. Company estimates“present value” of monetization potential at ~INR100billion. We believe thedevelopment will take a few years, though construction expenses might befunded by JV partners, and we assume the Delhi property might still be soldoutright;    RCOM is now talking about monetizing the spectrum portfolio that it valuesat over INR190billion based on last auction pricing. Limited details on thisfront. However, given that the last auction was more than a year back, wewon’t be surprised if this value is now materially lower;    Overall, asset sales (towers + fiber + real estate + spectrum) is expected togenerate proceeds of over INR250billion for debt reduction. Coincidentally,this number is the same as earlier target of INR250billion through the mobiledemerger and the tower deal;    Standstill with bank lenders is in place till Dec 2017(though announcementsays Dec 2018, we assume it’s a typo) and company in advanced discussionswith banks for balance debt post deleveraging. RCOM has also highlightedthat shareholders have already approved issuance of equity to lenders by wayof conversion of loans, a fact we flagged in our report on Sep 5, titled“Reading the Annual Report”;    New business strategy to focus on 4G and B2B businesses (i.e., enterprise,data centres, submarine cables). Does this mean that GCX won’t be sold?

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