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Arpit Sharma May 30th, 2018 11:06 AM 30 COMMENTS

RCom Proposes Upfront Payment of Rs 500 Crore to Ericsson as Settlement Amount

Anil Ambani-led telco Reliance Communications has offered an upfront payment of Rs 500 crore to the Swedish manufacturer, Ericsson which filed a petition in the NCLT against RCom pushing the telco towards insolvency. During the hearing of the National Company Law Appellate Tribunal, which happened yesterday, Kapil Sibal, who stood for Reliance Communications suggested that an upfront payment be made to Ericsson. Chairman Justice S J Mukhopadhaya who heads the... Read More

Arpit Sharma May 28th, 2018 6:33 PM 2 COMMENTS

RCom Awaiting NCLAT Decision Against Insolvency, Expected to Come Tomorrow

Reliance Communications will tomorrow stand in the hearing on its plea against the NCLT’s order which pushed the telco towards insolvency after the Swedish manufacturer Ericsson filed a petition in the Tribunal. Today the telco was mentioned in the National Company Appellate Tribunal (NCLAT) seeking an urgent hearing on the issue. The Tribunal also directed that the matter is listed for hearing tomorrow. In a regulatory filing, RCom said: "The... Read More

Chakri K May 25th, 2018 2:18 PM 0 COMMENTS

RCom and Ericsson Talks Hit a New Wall as Both Parties Disagree Over Payment Timeline

Reliance Communications (RCom) and Ericsson have hit a new wall in their ongoing negotiations for the recovery of pending dues by the telco. This new hurdle which both the parties are facing has come up because of disagreement regarding the payment timeline. While RCom proposed a period of six months for paying up the dues worth Rs 1,000 crore, the Swedish manufacturer is of the thought that the payment should... Read More

Chakri K May 22nd, 2018 11:46 AM 1 COMMENTS

RCom and Subsidiaries Awaiting Decision by NCLAT to Halt Insolvency Order

In a new turn of events, RCom along with its subsidiaries Reliance Infratel and Reliance Telecom has gone ahead to the appellate tribunal to halt the order which was passed by the NCLT, declaring that RCom should now proceed along the laws of insolvency and bankruptcy post admitting Ericsson’s petition. This move has been done as the telco is now in talks with Ericsson to the settle the matter outside of... Read More

Chakri K May 18th, 2018 1:34 PM 0 COMMENTS

RCom and Ericsson Discussing Settlement Offer Outside of NCLT

After RCom and Ericsson moved towards a legal spat over Ericsson’s petition in the NCLT for settling the dues which Reliance Communications owed to the Swedish manufacturer, things were looking ugly for both the parties. However, in a recent twist of events people aware of the matter informed that RCom and Ericsson might be looking to settle the matter outside the NCLT. The share price of the company soared as... Read More

Rudradeep Biswas May 16th, 2018 1:31 PM 6 COMMENTS

Rcom and Jio Deal Likely in Jeopardy After NCLT Admits Ericsson Plea

The Swedish telecom equipment maker Ericsson filed a petition in National Company Law Tribunal which could cause the Insolvency authorities to scrape Rs 18,000 crore worth of debt by selling Reliance Communication’s assets to Reliance Jio Infocomm. Three petitions were accepted by the NCLT against the Anil Ambani-led telco on Tuesday. After Aircel, RCom can be the next company to get hit by the blow of bankruptcy. Under the insolvency... Read More

Chakri K May 8th, 2018 9:13 PM 5 COMMENTS

RCom-GCX and PrimeTel Together Upgrade Subsea Cable for Robust Connectivity

Global Cloud Xchange (GCX), a subsidiary of Reliance Communications (RCom), and Cyprus’ leading telecommunication provider PrimeTel today announced further enhancement of their partnership with a 100 Gbps upgrade to GCX’s HAWK subsea cable system branch into Cyprus. This network upgrade will offer robust connectivity solutions and drive new business opportunities across the strategic Europe-Cyprus-Middle East-Asia route. “With the recent upgrade, we have now broadened our reach into PrimeTel’s Cyprus Hub... Read More

Rudradeep Biswas April 19th, 2018 5:03 PM 12 COMMENTS

RCom in Trouble After Court Puts Stay on Selling of Assets

Reliance Communications suffered a severe blow by the NCLAT when the tribunal delivered its decision of retracting the order which it passed on April 6. The previous order allowed Reliance Communications to sell its fiber and towers, now the company has been restricted to do so until April 23. The tribunal decided it was better to put a hold on Reliance’s step after supreme court ordered a stay on the... Read More

Rudradeep Biswas April 6th, 2018 4:04 PM 30 COMMENTS

Supreme Court Permits RCom to Proceed With Full Asset Sale to Reliance Jio

Reliance Communications (RCom), headed by Anil Ambani, yesterday received good news as the Supreme Court has vacated the stay on the sale of spectrum to the Mukesh Ambani-led Reliance Jio. As part of the massive asset monetisation, Reliance Jio to acquire assets of RCom under four categories- Towers, Optic Fiber Cable Network (OFC), Spectrum and Media Convergence Nodes (MCN). This deal was announced way back in December 2017, but the... Read More

Chakri K March 21st, 2018 3:08 PM 10 COMMENTS

RCom Receives Approval from Bondholders for Selling Assets to Reliance Jio

Reliance Communications (RCom) shareholders with the US $300 million bonds have approved the company's asset monetisation plans to Reliance Jio. RCom bondholders, during a meeting, held on March 20, 2018, have approved this massive deal, which was announced back in December 2017. "The Bondholders also approved the release of their security on the Company’s assets and to accept part prepayment of their outstanding Bonds," said RCom in the media statement.... Read More

Rudradeep Biswas March 10th, 2018 2:40 PM 38 COMMENTS

RCom’s Proposed Assets Sale to Reliance Jio Receives CCI Nod

The Competition Commission of India (CCI) has reportedly approved the proposed sale Reliance Communications (RCom) infrastructure assets to Reliance Jio. Reporters at PTI has confirmed the progress, and they learnt this information from two people who are familiar with the development. This news will surely boost Reliance Jio as it's expected to bolster its network infrastructure by acquiring RCom's assets. At the time of announcing the definite agreement, both the companies... Read More

Chakri K March 6th, 2018 3:56 PM 80 COMMENTS

RCom Now Allowing Users to Generate Porting Code From its Website

Ailing telecom operator, Reliance Communications (RCom) is now allowing its customers to generate Unique Porting Code (UPC) from its website. Several RCom users across the country are complaining about network issues as the telco already closed services in its licensed circles. And the Anil Ambani-led telco recently received a deadline extension until March 20, 2018, to generate UPC to the users who're yet to get out of the network. RCom's... Read More