GTL Infrastructure Ltd has said on Monday that the proposed merger of its tower business with that of Reliance Communications will not take place as the two parties could not agree on the terms until the deadline last month.

GTL and Reliance Communications has earlier agreed to merge their telecom tower business which would result in India’s second-largest operator of mobile-phone transmission towers with enterprise value of over $11 billion and more than 80,000 towers.

The two companies had signed a non-binding agreement in June this year which expired on August 31 without parties reaching an agreement. Both the parties did not extend the deadline, according to a filing with the Bombay stack exchange (BSE).

GTL had agreed to buy 50,000 transmission towers from Reliance, which is the second largest telecom service provider in the country, for cash and stock. The companies had indicated in June that will give new shares worth $3 billion, more than triple its market value, to Reliance Communications shareholders as well as assume about 180 billion rupees in debt for the tower assets.

The tower unit of Reliance called, Reliance Infratel has optical-fiber cable network of 190,000 kilometers and also caters to other service providers like Tata Teleservices Ltd., and Uninor.

The announce from GTL came during the trading hours on Monday, 6th September and the shares of GTL fell 3.98% to Rs 43 on the BSE while the shares of Reliance Communications were trading lower 1.07% lower at Rs 161.65. the benchmark Sensex index was high 0.89%, at 18,384.29.