Telecom Department to Challenge TDSAT for Allowing RCom to Sell Spectrum Without Bank Guarantee

By October 29th, 2018 AT 7:35 PM

The telecom department will challenge the telecom tribunal TDSAT’s order allowing Reliance Communications to sell spectrum to Reliance Jio without providing the bank guarantee. “The licence conditions do not provide for accepting any barter system. DoT will challenge TDSAT order that directs it to allow RCom sell spectrum with the land as security,” a senior DoT official told PTI.

rcom-tdsat

The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) in its order dated October 11, 2018, rejected plea of the Department of Telecom (DoT) seeking bank guarantee of around Rs 2,900 crore before it permits the sale of RCom spectrum to Reliance Jio.

RCom signed an agreement with Mukesh Ambani-owned Reliance Jio Infocomm Ltd to sell spectrum and other telecom assets for an estimated Rs 25,000 crore and clear its debt of about Rs 46,000 crore partially.

However, the spectrum sale deal is stuck for clearance from the DoT for want of bank guarantee. RCom in August completed the sale of its fibre assets and related infrastructure assets, worth Rs 3,000 crore, to Reliance Jio.

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Nikhil Mumbai-Pune Recent comment authors
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Nikhil Mumbai-Pune
Nikhil Mumbai-Pune

Interruptions at its best.

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