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Chakri K August 23rd, 2018 11:55 AM 19 COMMENTS

RCom Announces the Sale Completion of Media Nodes to Reliance Jio for Rs 2,000 Crore

Reliance Communications (RCom), the Anil Ambani-led company today announced the completion of the planned sale of its media convergence nodes (MCNs) and related infrastructure assets, worth Rs 2,000 crore, to Mukesh Ambani-backed Reliance Jio Infocomm. RCom said 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... Read More

Chakri K August 13th, 2018 3:13 PM 3 COMMENTS

RCom Reinstates Rs 774 Crore Worth Bank Guarantees With DoT

Reliance Communications (RCom) has now said it has reinstated bank guarantees worth Rs 774 crore with DoT (Department of Telecommunications), 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 the spectrum and licence cancellation but clears the way for the asset monetisation plan of the debt-ridden... Read More

Chakri K August 10th, 2018 2:47 PM 4 COMMENTS

RCom Admits to Furnishing Bank Guarantees of Rs 774 Crore, Also Contests DoT Notice in TDSAT Today

Ever since Reliance Communications got surrounded in the competition after 2016, the telecom operator has been battled down by trouble from all sides. In a new development involving its attempt to crawl out of the slump, RCom has told the Department of Telecommunications that it will furnish bank guarantees worth Rs 774 crores to sell spectrum to Reliance Jio Infocomm which will enable the telco to fulfil its repayment pending... Read More

Chakri K August 6th, 2018 5:11 PM 49 COMMENTS

RCom Expecting Rs 25,000 Crore Assets Sale by August End

Reliance Communications (RCom), the Anil Ambani-led company is now expecting to complete the sale of its business assets worth Rs 25,000 crore by the end of this month. At the same time, the debt-ridden telco has agreed to pay Rs 550 crore towards the settlement to telecom gear-maker Ericsson by the end of September. RCom, in a regulatory filing, said that it has "agreed to pay a settlement amount of... Read More

Chakri K July 27th, 2018 6:47 PM 1 COMMENTS

SBI Urges DoT to Step Back from Its Decision of Cancelling RCom Licences

The biggest bank of the country, State Bank of India has urged the DoT to rethink its decision of revoking the spectrum of Reliance Communications. SBI Chairman reached out to the Telecommunications department in this regard and said that keeping in mind that a lot of lenders are yet to receive their pending dues from RCom, it would be a naïve move to cancel the company’s licences. The official further... Read More

Arpit Sharma July 23rd, 2018 12:23 PM 2 COMMENTS

RCom Risks Losing License If Bank Guarantees are Not Furnished: DoT

The Department of Telecommunications has asked Anil Ambani-led company Reliance Communications (RCom) to furnish bank guarantees worth Rs 774 crores towards spectrum dues pending next year. The DoT has explicitly said that if the telco fails to do so, then it will risk losing its licenses. It is noteworthy that Reliance Communications had stopped its operations entirely in December 2017 and now seeks to pare its debt of Rs 46,000... Read More

Chakri K July 12th, 2018 8:08 PM 5 COMMENTS

RCom Alleges DoT of Biased Practices For Not Raising Demand from Vodafone India

Reliance Communications has alleged the Department of Telecommunications of unfair and discriminatory practices. The Anil Ambani led telco said that demands for bank guarantees were sought from the telco for the 850Mhz spectrum. However, the same wasn’t done for Vodafone India, another telecom company which is currently under the merger process with Idea Cellular. As per people aware of the matter, the operator has requested the DoT to not resort... Read More

Arpit Sharma June 18th, 2018 1:16 PM 4 COMMENTS

Aircel and RCom Distributors in Distress as Telcos Delay Repayment

After the debt-ridden telecom giants, Aircel and Reliance Communications (RCom) hit the wall of poor financials, distributors of these telcos have alleged that they have not been paid appropriately and the payment that they have received is a fraction of what the original dues are. The Anil Ambani led telco has asked its distributors to wait for a couple of weeks while the company hastens the process of settlement. On... Read More

Arpit Sharma June 16th, 2018 2:34 PM 22 COMMENTS

RCom Hands Over Non-Auctioned Spectrum in 1800 Mhz Band to DoT

Reliance Communications (RCom), in a new move, has handed over 70 units of unliberalised or non-auctioned spectrum in the 1800 Mhz band to the Department of Telecommunications (DoT). RCom moved over to this option when the company could not find any buyers for the spectrum and the Anil Ambani led telco wasn’t in the position to spare Rs 1,500 crore which was the requirement for starting up 4G services. A... Read More

Arpit Sharma June 13th, 2018 6:19 PM 30 COMMENTS

RCom Lays off 94% Employees Citing Hyper Competition as Reason for Poor Finances

Reliance Communications, the Anil Ambani led telco which was on the verge of bankruptcy a few days ago has declared that it is in a financial soup and is surrounded by capex troubles, hyper-competition and endless problems as a result of which, it has brought down the count of its employees from 52,000 to 3,400. This number is a massive lay off of 94%. The telco agreed to the statement... Read More

Arpit Sharma May 31st, 2018 12:08 PM 1 COMMENTS

RCom Losses Grow Significantly to Rs 18,827 Crore in Q4

Reliance Communications has reported that its losses grew to a whopping figure of Rs 19,827 crore compared to the Rs 1,112 crore which was the losses in the January-March quarter of the year 2017. According to the information available, the losses grew significantly because of the one-time fee which Reliance Communications was charged for the close of its wireless assets. The telco after facing grim situations in the market, post... Read More

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