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November 16th, 2017 3:09 PM 26 COMMENTS

RCom Gets NCLAT Notice Over New Due Claim; Says Not Making Any Payment to Lenders

Responding to a petition filed by Manipal Technologies, the National Company Law Appellate Tribunal (NCLAT) has issued a fresh notice to Anil Ambani-led Reliance Communications (RCom). Manipal Technologies had sought dues of about Rs 2.74 crore from the ailing telco for supplying biometric fingerprint scanners to RCom in 2016 Reports suggest that a similar petition was filed with the National Company Law Tribunal earlier, which rejected Manipal Technologies' claims. The... Read More

October 30th, 2017 8:44 PM 29 COMMENTS

RCom Launches Comprehensive Debt Resolution Plan, Comes Up With New B2B Strategy

Anil Ambani-led Reliance Communications (RCom) on Monday has come up with a comprehensive debt resolution plan to its domestic and foreign Lenders. Under the plan, the telco said that it would pay off up to Rs. 17,000 crore of its debt, out of the proceeds of monetization of Spectrum, Towers and Fiber and MCN (Media Convergence Nodes) assets. RCom will pay additional Rs. 10,000 Crore of its debt, out of... Read More

August 30th, 2017 4:07 PM 24 COMMENTS

RCom Now Offering 1GB of 2G Data at Just Rs. 25 for One Day

Reliance Communications (RCom) has been offering various 2G plans in recent times. Here comes yet another 2G plan from the Anil Ambani-led company. RCom is now providing 1GB of 2G data for one day at just Rs. 25. Do make a note that the price differs with the circle. In some circles, the price goes down to as low as Rs. 23 and in some circles, the same plan costs... Read More

June 22nd, 2017 8:04 PM 4 COMMENTS

Govt to Take Corrective Steps for Ensuring Orderly Growth in Telecom Sector: Manoj Sinha

India's telecom minister Manoj Sinha on Thursday said that the government would take corrective steps for ensuring orderly growth in the sector in terms of services to the common man including in rural areas. Sinha's comments come after his meeting with leading telecom operators, including Bharti Airtel, Idea Cellular, Reliance Jio, Reliance Communications and Telenor on the financial stress in the sector. Sinha's meeting follows last week's meetings between the... Read More

June 2nd, 2017 8:54 PM 11 COMMENTS

RCom to Get Time Till December to Reduce Rs 25000 Crore Debt From Aircel and Brookfield Deals

Anil Ambani-led Reliance Communications said that its lenders have on Friday constituted a Joint Lenders' Forum (JLF) to consider giving the telco time of 7 months until December 2017 to complete the strategic transactions with Aircel and Brookfield that will immediately reduce debt from Rs 45,000 crore to around Rs 20,000 crore, a reduction of 60% or Rs 25,000 crore. The company has reportedly fallen behind on its loan servicing... Read More

June 2nd, 2017 8:06 PM 11 COMMENTS

Bad Days Ahead for RCom? Moody’s & Fitch Downgrade RCom, Say Default a Possibility

Moody’s and Fitch have downgraded Anil Ambani-led telco Reliance Communications Limited's (RCOM) rating following full year net loss of Rs 1,285 crore and 11% decline in revenues. Moody's Investors Service has downgraded Reliance Communications Limited's (RCOM) corporate family rating and senior secured bond rating to Caa1 from B2. Fitch Ratings has downgraded RCom’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'CCC' from 'B+'. The agency has also downgraded... Read More

April 8th, 2017 1:12 PM 36 COMMENTS

RCom Sacks 600 Employees Amid Merger Process With Aircel, MTS

Anil Ambani-led telco, Reliance Communications has reportedly terminated the services of around 600 employees as it streamlines its operations following the ongoing merger with Sistema Shyam Teleservices (MTS India), which is expected to conclude soon. The move to sack employees will result in a leaner organization, according to media reports. RCom currently has over 7500 employees across the country. An ET report, citing sources, said that "retrenchment over the last... Read More

March 15th, 2017 11:29 AM 26 COMMENTS

RCom gets SEBI, stock exchanges nod for wireless demerger into Aircel

Anil Ambani-led Reliance Communications (RCom) has received nod of the Securities and Exchange Board of India (SEBI), BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) for the proposed Scheme of Arrangement for demerger of the Wireless division of the Company into Aircel and Dishnet Wireless (the Scheme), the telecom operator said in a statement on Wednesday. The telecom operator said that it has now filed an application... Read More

December 10th, 2016 3:34 PM 9 COMMENTS

Reliance Jio to soon launch ‘Locate My Device’ feature

Reliance Jio, the latest entrant in the Indian telecom sector had been surprising us very frequently ever since its launch in September. First, it introduced the ‘Welcome Offer’ with free 4G internet and voice calling. Next, extending the free services, it had announced the Happy New Year Offer (with slight changes). And according to our sources, it may soon introduce a new feature called ‘Locate My Device’. As the name... Read More

November 22nd, 2016 5:15 PM 4 COMMENTS

Supreme Court dismisses Rs. 4800 crores tax liability of Reliance Communications

According to a statement released by the Reliance Communications (RCom), the Honorable Supreme Court has dismissed the “Special Leave Petition” filed by the income tax department against the company on taxing of the proceeds of Foreign Currency Convertible Bonds (FCCBs). Justice Kurian Joseph and Justice Rohinton Fali Nariman were the Honorable judges in the panel which announced the decision. It was during the financial year 2006-2007, Reliance Communications issued FCCBs... Read More

November 17th, 2015 10:17 AM 4 COMMENTS

YU partners with Reliance Retail exclusively to sell VoLTE smartphones through offline stores

YU Televentures, the new Indian smartphone brand back by Micromax, has announced that it has partnered with Reliance Retail to sell its smartphones through offline stores. The company will soon start selling its smartphones – YU Yureka Plus, YU Yuphoria, and YU Yunique – through 30,000 offline retail outlets across India. What's interesting here is that the YU's founder stated that the company will sell VoLTE devices through Reliance Retail's stores. YU... Read More

December 13th, 2014 3:54 PM 2 COMMENTS

Reliance extends ‘TalkLoan’ service to prepaid CDMA customers

Recently Reliance communications had started offering TalkLoan service for its prepaid GSM customers. Now TalkLoan service has been extended to Reliance CMDA prepaid customers. Subscribers can avail this offer by dialing 1212 from their Reliance CDMA number. Then select either Rs 5 or Rs 10 talktime as loan. A nominal service fee of Rs 1 on Rs 5 and Rs 2 on Rs 10 will be recovered along with the loan talktime from prepaid account balance... Read More

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