India News
Search Web Directory
 India News  
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
The mega share buyback of India’s third-largest IT company Wipro concluded with a huge participation on Wednesday. Against buyback offer of 34.37 crore shares, about 3.4 times shares were tendered by investors in the two-week long share repurchase from 29 November to 13 December. Wipro’s latest buyback offer followed its another large share buyback of Rs 2,500 crore that was exercised in May 2016. Rs 11,000 crore share repurchase of Wipro which is also India’s third-largest was managed by JM Financial Institutional Securities.

The Telecom Regulatory Authority of India (TRAI) will reportedly come out with its much-awaited recommendations for in-flight connectivity by December-end.

"Recommendations on in-flight connectivity to come out by year end or next 15 days," TRAI Chairman R.S. Sharma told reporters in New Delhi on Wednesday on the sidelines of an event organised by Broadband India Forum.

The National Highways Authority of India (NHAI) is making all-out efforts to speed up award and construction of highways and would bid out projects for 3,500 km by December.

"NHAI has invited bids for projects of 4,900 km till November, 2017, while bids for another 3,500 km are likely to be invited by December end, taking the total to 8,400 km," the Ministry of Road Transport and Highways said in a statement.

Coal offtake by Mahanadi Coalfields (MCL), a Coal India (CIL) subsidiary, has fallen short of the target by five per cent during April-November of the current financial year. MCL is amongst the three CIL subsidiaries where coal offtake failed to meet the targeted figure.

Although CIL's overall coal despatches at the end of November grew eight per cent, MCL is the second-largest subsidiary in terms of coal production volume after South Eastern Coalfields (SECL).

NEW DELHI: The Income Tax Department today conducted survey operations at major Bitcoin exchanges across the country on suspicion of alleged tax evasion, official sources said.

They said various teams of sleuths of the department, under the command of the Bengaluru investigation wing, today visited the premises of nine such exchanges in the country including in Delhi, Bengaluru, Hyderabad, Kochi and Gurugram, since early morning.

» 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 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
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

Government may raise protection on bank deposits

Bad loans: HDFC Bank says no impact of ‘couple of defaulters’ in RBI list on provisioning

Microsoft issues patch for bug in Windows Malware Protection Engine

Rupee closes higher against US dollar, bond yield at 15-month high

Bitcoin tumbles 20% in 10 hours, after gaining 40% in 2 days

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
About us
Link to us
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory, India Free Classifieds
    © 1999 - 2017
    All Rights Reserved
Privacy Statement    
    © 1999 - 2017
    All Rights Reserved
Privacy Statement