The Supreme Court on Tuesday asked Reliance Communication Ltd to clear the dues of Rs 550 crore to telecom equipment maker Ericsson India by December 15, saying that delayed payment would attract an interest of 12 per cent per annum.
A bench headed by Justice R F Nariman said that it was the last opportunity given to RCom for clearing the settlement amount.
Reliance Communications (RCom) said the Telecom Disputes Settlement Appellate Tribunal (TDSAT) had allowed it to complete its spectrum sale deal without having to pay a bank guarantee of Rs 29 billion. The guarantee had been demanded by the department of telecommunications (DoT).
The Anil Ambani-owned company said it would get Rs 9.75 billion from sale of spectrum, of which it was to give Rs5.5 billion to Ericsson.
Two buyers, including a consortium of four funds, have evinced interest in buying or taking a controlling stake in the leftover businesses of Anil Ambani group’s embattled telecom arm, Reliance Communications (RCom), a top company official said on Wednesday.
The company, which exited the flagship wireless businesses due to financial pressures and is also selling its spectrum, is looking to sell off the enterprise-focused offerings including subsea cables, international fixed line and data centres businesses.
NEW DELHI: Reliance Communications’ (RCom) Chairman Anil Ambani said that the debt saddled operator has complete backing of its global and Indian lenders in its asset monetisation plan and will monetise its enterprise and GCX businesses.
The operator’ asset monetisation deal is with Reliance Jio for fibre, spectrum, MCN, tower and some of its land parcels will go to Canadian asset management firm Brookfield for a total of about Rs 18,000 crore.
NEW DELHI: Reliance Communications (RCom) is pushing the department of telecommunications (DoT) to expedite its response to the telecom tribunal on the Spectrum Usage Charge (SUC) demand the financially stressed telco has disputed, people familiar with the matter said.
Reliance Communications (RCom) has moved the telecom tribunal against the telecom department’s demand for spectrum usage charges (SUC) of about Rs 3,000 crore, a move which could be the start of a lengthy legal battle that could further delay the company’s spectrum sale to Reliance Jio Infocomm and repayment to lenders.
Mumbai: Anil Ambani-led Reliance Communications (R-Com) on Monday said it had completed the planned sale of its optical fibre assets worth Rs 3,000 crore to Mukesh Ambani-backed Reliance Jio Infocomm (R-Jio).
The announcement marks the wrapping-up of yet another portion of a larger deal inked between R-Com and Reliance Jio in December last year that involved the sale of wireless spectrum, tower, fibre and media convergence nodes.
In a development that takes it closer to averting bankruptcy proceedings, Reliance Communications (RCom) has secured approval of its overseas bondholders for the revised terms. The Anil Ambani-owned company had defaulted on a $300-million bond last year.
In a meeting held in London on Friday, over 83 per cent of those holding the bonds, now due in 2020, cleared the plan.
Reliance Communications on Thursday said it has completed the planned sale of its media convergence nodes (MCNs) and related infrastructure assets, worth Rs 20 billion, to Mukesh Ambani-backed Reliance Jio Infocomm (RJIO).
The transaction entailed 248 nodes covering close to 5 million sq. ft. of the area, used for hosting the telecom infrastructure, all of which now stands transferred to Jio, RCom said in a statement.
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