According to a Mint report, analysts believe that the government’s new policy on mergers and acquisitions (M&A) for the telecom sector, which is expected to be announced this month, is unlikely to present any significant opportunities for India’s top mobile phone operators as the rules are too restrictive. The report says that according to the proposed rules a merged entity cannot have a market share of more than 35% in terms of both subscribers as well as adjusted gross revenue.

The report adds that the telecom department has, removed an earlier clause that said a merged entity with a marketshare of between 35% and 60% would be approved on a case-to-case basis by the Telecom Regulatory Authority of India.

Communications minister Kapil Sibal had said last month that the new norms would be announced by 15 October.

Read the complete report here