$23 billion amalgamation deal with South Africa’s MTN call off by Sunil Mittal-led Bharti Airtel today. The discussion for the amalgamation stretched for four long-month.

In a year this is second time when Mittal has been forced to abandon amalgamation talks with MTN. It was supposed to be a complex deal which even required clearance of Indian government for dual listing.

According to Bharti: “The structure needed an approval from the government of South Africa, which has expressed its inability to accept it in the current form.” This was said while applauding the support that was given to the proposed deal by Pranab Mukherjee, the finance minister, and others.

“This transaction would have been the single largest FDI into South Africa and one of the largest outbound FDIs from India…We hope the South African government will review its position in the future and allow both companies an opportunity to re-engage,” Bharti statement said.

This of calling off the amalgamation negotiations has come a day after Pranab Mukherjee’s remarks that government has positive approach towards the deal.

Pranab Mukherjee said, “Both Prime Minister Manmohan Singh and myself have said that we are taking a positive approach and outlook towards it.”