IndiaCatalog.com
India News
Search Web Directory
News Home
Anil Ambani led Reliance Communications property sale plans blocked; here is why
Posted on 13th October 2017
Lenders to Reliance Communications (RCom) recently turned down a proposal by the telco to sell 17 properties across the country to repay Ericsson Rs111 crore, bankers said. RCom’s move to partly repay Ericsson’s dues, bankers said, was an attempt at settling the insolvency petition filed against it at the Mumbai bench of the National Company Law Tribunal. The proposal needs to be ratified by banks as they have initiated a strategic debt restructuring scheme for the company.

“Since the company’s loan account is in a standstill state till December it cannot sell assets without lenders’ permission,” a banker explained. It could not be immediately ascertained where these properties are located. RCOm did not respond to an email till the time of going to press.

Its gross debt in FY17 stood at Rs 45,000 crore, Rs 25,000 crore of which is due to domestic lenders. It was reported in June that the company advertised in newspapers to sell or lease the Reliance Centre building in Delhi and DAKC IT Park in Navi Mumbai for sale or joint development.

Last month, Ericsson India had filed insolvency petitions against RCom, Reliance Infratel and Reliance Telecom, all promoted by Anil Ambani. Ericsson is an operational creditor to RCom, which together with its subsidiaries owes the telecom equipment vendor `1,156 crore. The petition will be heard by the NCLT on November 9.

The Swedish multinational had earlier objected to the now-defunct merger proposal between RCom and Aircel, seeking a creditors’ meeting. RCom said in a regulatory filing on September 13 that it “intends to challenge the said petitions”.

Earlier this month, RCom’s plan to merge its wireless business with Malaysia’s Maxis group-owned Aircel was called off. An RCom statement had said the merger of the mobile businesses of RCom and Aircel has lapsed with mutual consent. Both the companies had signed a binding agreement to explore merger possibilities in September 2016. The merger was crucial to the debt reduction efforts of the Anil Ambani-led firm.

However, the company had said it will continue to try and monetise its tower and fibre assets, as well as real estate as already announced. “Legal and regulatory uncertainties, and various interventions by vested interests, have caused inordinate delays in receipt of relevant approvals for the proposed transaction,” RCom had said.

Related Companies: Reliance Communications (RCOM)   

Other Latest News
Submarine project goes to Mazagon Dock; L&T raises 'Make in India' concerns
Posted on 20th June 2018
Engineering conglomerate Larsen & Toubro (L&T) has written to the NITI Aayog raising concerns over the recent submarine project award to public sector owned Mazagon Dock Shipbuilders on a nomination basis, according to people with direct knowledge of the development.

BHEL bags orders worth Rs 10 bn from Telangana State Power Generation Corp
Posted on 20th June 2018
State-run power equipment maker BHEL has bagged two orders worth Rs 10 billion from Telangana.

The orders from Telangana State Power Generation Corporation (TSGENCO) are for supply and installation of emission control equipment at Kothagudem and Bhadradri thermal power stations, BHEL said in a statement.


Indian Oil to set up Rs 9 bn ethanol plant in Adityanath's pocket borough
Posted on 20th June 2018
Public sector behemoth Indian Oil is looking to invest almost Rs 9 billion in a greenfield second-generation ethanol plant in Uttar Pradesh.

The plant has been proposed in Gorakhpur, the pocket borough of chief minister Yogi Adityanath, who is keenly following up on the project.


Maruti dominates PV segment in May with 7 models in top 10 list
Posted on 20th June 2018
New Delhi, June 20 () Maruti Suzuki India (MSI) maintained its leadership position in the domestic passenger vehicle (PV) market in May as seven of its models featured in the top 10 selling brands.

According to the latest data from Society of Indian Automobile Manufacturers (SIAM), in the top 10 best selling PVs, Maruti's Alto retained the top position in May with the sales of 21,890 units as against 23,618 units a year ago.


No pure GST on petrol, diesel; 28% tax plus VAT on anvil under GST
Posted on 20th June 2018
New Delhi, June 20 () A peak tax rate of 28 per cent plus states levying some amount of local sales tax or VAT on petrol and diesel is likely to be the tax structure when the two auto fuels are covered under the GST regime, a top government official said.

The peak GST rate plus VAT will be equal to the present tax incidence, which is made up of excise duty, levied by the central government, and VAT charged by the states.


» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for Anil Ambani led Reliance Communications property sale plans blocked; here is why
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for Anil Ambani led Reliance Communications property sale plans blocked; here is why

Most Read News

HDFC 5th biggest consumer financial services company globally: Forbes

Markets applaud Infosys on its silver jubilee, surges 23% on BSE in 2018

Reliance Industries hits new high, gains 10% in 3 weeks

Essar Steel lenders may not allow Numetal to change structure in second bid

Dust storm kills 7 in UP, Yogi Adityanath announces compensation

More India News

  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2018 IndiaCatalog.com
    All Rights Reserved
Privacy Statement