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Chakri K November 27th, 2018 2:38 PM 11 COMMENTS

RCom and Jio Spectrum Trading Deal in Jeopardy as DoT Refuses to Accept Land Parcel as Security

Reliance Communications (RCom) has remarked that its deal of spectrum trade with Reliance Jio Infocomm will land in jeopardy if the Department of Telecommunications (DoT) does not accept a land parcel instead of bank guarantees as security. DoT, however, is adamant on only receiving bank guarantees worth of Rs 3,000 crore from the telco and has also stated that Reliance Jio can furnish these guarantees on behalf of RCom. This... 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 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 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 29th, 2018 1:05 PM 5 COMMENTS

Tata Teleservices to Pay $900 million as Compensation to ATC After Terminating Tenancies

After deciding to sell its mobility business to Bharti Airtel, Tata Teleservices pre-maturely packed up 30,000-odd tenancies for which it will likely pay around $900 million to American Tower Corporation (ATC) as compensation. This step is supposed to make the way clear for the acquisition of Tata’s mobility division by the largest telco in the country – Bharti Airtel. A person aware of the matter said: “The overall compensation will include... 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

Arpit Sharma May 28th, 2018 12:30 PM 11 COMMENTS

DoT to Allow 100% FDI for Idea Cellular as the Proposal Expected to Pass in a Week

Previously, Idea Cellular had proposed a plan to DoT asking for the limit of FDI in the newly ‘to be merged’ company to be extended to 100%. In the coming week, the proposal has been expected to get the affirmative from the department. Officials confirmed the news after the Aditya Birla company submitted all required documents and when Vodafone India did the same. This approval would mean that the Idea... Read More

Srikapardhi January 19th, 2018 3:37 PM 23 COMMENTS

Consumers Benefit, but Non-Viable Industry Tariffs at Whose Woes?

They Say "The intensity of the pain can't be felt unless or until experienced." While the layoffs have been happening for a while, few days back a HR Services Company floated a report whose gist is something as titled "Telecom to lose more jobs; on course to cull 90,000 more." If you read the piece of news carefully, the entire scenario is put forward in a raw manner, but who... Read More

Chakri K January 6th, 2018 5:16 PM 0 COMMENTS

RCom’s Biggest Foreign Lender CDB Withdraws Insolvency Petition

Reliance Communications' biggest foreign lender China Development Bank (CDB) has withdrawn a petition seeking to drag the debt-ridden telco into insolvency, following the Anil Ambani-led telco's deal with Reliance Jio to sell various assets, including spectrum, a fiber-optic network, and towers among others. However, Swedish telecom gear maker Ericsson is continuing its fight against RCom to recover Rs 1,150 crore dues. China Development Bank is a secured lender accounting for... Read More

Chakri K December 6th, 2017 7:14 PM 4 COMMENTS

Two Major Chinese Lenders to Support China Development Bank’s Insolvency Plea Against RCom

Reliance Communications' two other major Chinese lenders -- Industrial and Commercial Bank of China (ICBC), the country's biggest-listed lender by assets, and Export-Import Bank of China, plan to back China Development Bank's recent move to take the Anil Ambani-led telco into insolvency court to recover about $2 billion in debt. The development comes just after Fitch Ratings said that it has withdrawn India-based Reliance Communications' for commercial reasons, and said... Read More

Srikapardhi November 30th, 2017 7:23 PM 2 COMMENTS

Majority of Foreign, Indian Lenders Have Opposed China Development Bank’s Insolvency Plea: RCom

Debt-ridden Reliance Communications (RCom) said that a majority of its foreign and Indian lenders had opposed China Development Bank’s insolvency filing to recover its $1.78 billion. In a statement, the Anil Ambani-led telecom operator said, "At a committee of creditors meeting on 29 November 2017, a majority of Reliance Communications’ lenders, foreign and Indian, aggregating 31, decided to oppose China Development Bank’s (CDB) insolvency petition against RCOM before the National... Read More