The Supreme Court on Friday stayed a telecom tribunal order asking Reliance Communications to pay the difference between the price for spectrum in the 800 MHz band in 2013 and its auction price in 2015, as the company is in the process of selling part of its spectrum to Reliance Jio Infocomm.

New Delhi: Reliance Communications (RCom) on Monday said it has reinstated bank guarantees worth Rs 774 crore with the telecom department, much ahead of the timelines set by the telecom tribunal.

The move not only staves off a looming crisis that the company had faced after the telecom department's show-cause notice to it on spectrum and licence cancellation, but clears the way for the asset monetisation plan of the debt-ridden company.

Reliance Communications Ltd (RCom) said on Monday it had received approval from the Supreme Court to proceed with the sale of its wireless assets to Reliance Jio after it agreed to pay 5.5 billion rupees (USD 80.06 million) to settle dues with Swedish telecom gearmaker Ericsson.

The Supreme Court on Friday allowed Anil Ambani-owned Reliance Communications (RCom) to sell its telecom assets worth about Rs 181 billion to Reliance Jio, controlled by his elder brother Mukesh Ambani. The transaction will help RCom reduce its debt by half while giving crucial infrastructure, including spectrum, to RJio.

Opposing Reliance Communications’ (RCom) plea for quashing of the insolvency proceedings initiated against it and its two subsidiaries, telecom equipment manufacturer Ericsson India on Thursday urged the Supreme Court not to do so till the former paid Rs 500 crore as mutually agreed between them.

Reliance Communications (RCom) subsidiary Global Cloud Xchange (GCX) on Tuesday announced the completion of India data centre for Eagle Subsea Network, scheduled to be fully operational by 2020.

The Eagle express cable system, when it lands in Mumbai, will drive tremendous capacity towards Hong Kong and Europe.

The National Company Law Appellate Tribunal (NCLAT) stayed the May 15 order of the National Company Law Tribunal (NCLT) in Mumbai, which had admitted Reliance Communications (RCom) and two of its subsidiaries for insolvency proceedings.

The NCLAT asked the Anil Ambani-controlled firm to pay Ericsson Rs 5.5 billion by the end of September.

Shares of Reliance Communications zoomed by more than 9% on Tuesday, after the Anil Ambani-run company announced that its subsidiary Reliance Infratel reached a settlement with its minority investors, and the company also reportedly agreed to pay up Rs 500 crore to Ericsson.

Shares of Reliance Communications (RCom) have moved higher by 11% to Rs 15.85 per share on the BSE in noon deal after the company said that the National Company Law Appellate Tribunal (NCLAT) fixed the appeals against the National Company Law Tribunal (NCLT) orders for hearing tomorrow i.e. Tuesday, May 29, 2018.

MUMBAI | NEW DELHI: Negotiations between Reliance Communications and Ericsson for a settlement have hit a stalemate with the Swedish telecom equipment maker rejecting two proposals of the Anil Ambani owned operator.

According to people familiar with the development, RCom had offered either a payment guarantee by an Anil Ambani-controlled company or an undertaking by the directors of the telco and its two units — Reliance Infratel and Reliance Telecom — that the Swedish equipment maker would be paid within 15 days if it withdraws its insolvency petition.

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