Anil Ambani group’s flagship telecom company Reliance Communications Ltd said it continues to have debt in excess of Rs 32,000 cr as of last week. It said it has total outstanding Rs 28,825 cr from banks and other financial institutions, excluding interest of Rs 6,840 crore on loans from banks and financial institutions. It also […]
The government of India is exploring legal options to see if it can get back the spectrum assigned to bankrupt telecom operator Reliance Communications, telecom minister Ravi Shankar Prasad said. Anil Ambani-owned Reliance Communications has three types of spectrum — GSM spectrum in the 1800 MHz band that it got along with its license, spectrum […]
Anil Ambani Group’s Reliance Communications has given up on reaching a debt resolution plan acceptable to all its lenders and has decided to start bankruptcy proceedings at the Mumbai National Company Law Appellate Tribunal. The original plan, unveiled in 2017, envisaged a step-by-step asset sale process through which the company planned to raise tens of […]
Anil Ambani Group’s Reliance Communications Ltd got a big relief today after the Supreme Court ordered the Department of Telecommunications, Government of India to approve the sale of the company’s spectrum lease to Reliance Jio. “The Spectrum trading transaction will now be completed and RCOM will pay-off Ericsson and minority investors of Reliance Infratel Limited […]
Two days after announcing the completon of a transaction to sell some of its physical assets to Reliance Jio, Anil Ambani-led Reliance Communications said it has sold its fibre-based assets to Jio. Like in the previous case, the company did not specifically mention the amount that it would generate from the transaction, but said the […]
Reliance Communications Limited (RCOM) said it has completed the sale of assets worth around Rs 2,000 cr to Reliance Jio Infocomm under the broader asset sale agreement. The Anil Ambani company did not clarify how much money was raised via the sale. RCom sold what it calls ‘media convergence nodes’ or MCNs and related infrastructure […]
ABS Free Dish, the free DTH service run by a Bermuda-based company of the same name, has shut down its signals over India. The service used to quite popular in the southern and eastern parts of India as the only other free DTH service — DD Free Dish — was almost entirely focused on the […]
Anil Ambani Group’s Reliance Communications cleared a major hurdle for the sale of its assets to Reliance Jio with the Supreme Court lifting the stay imposed by the Bombay High Court on the transaction. However, there was no immediate relief for the company on the the NCLT stay. The stay by the High Court was […]
Anil Ambani-led Reliance Communications said it is confident of completing the sale of the assets related to its mobile network to Reliance Jio on time. The company’s statement was in the context of the Supreme Court refusing to give any urgent relief on the stay imposed on the asset sale by the National Company Law […]
Reliance Communications said it had received the nod of the majority of its bondholders to its plans for selling most of its mobile network assets to Reliance Jio, and disclosed further details of its restructuring plan. “Noteholders holding in aggregate 44% of the principal amount of outstanding Notes were present or represented at the Adjourned […]
Anil Ambani-led Reliance Communications said it was confident of overcoming the twin legal challenges posed by shareholders in its tower subsidiary and one of the company’s unsecured creditors, Ericsson. The company is selling much of its spectrum, fiber, towers and other network assets to Reliance Jio Infocomm, led by Anil Ambani’s brother Mukesh, for an […]
Anil Ambani Group’s Reliance Communications said it is on track to complete the sale of its mobile network assets by the end of next month. Speaking in the context of gaining shareholder approval for the scheme, the company said: “RCOM’s asset monetization is proceeding on fast track to close by March 2018, subject to lenders’ […]
Reliance Jio, the firm led by Mukesh Ambani, will walk away with most of the telecom assets of Reliance Communications, led by Mukesh’s brother Anil. Rcom said it has “signed definitive binding agreements with Reliance Jio Infocomm Limited for sale of Wireless Spectrum, Tower, Fiber and Media Convergence Node (MCN) assets.” The Anil Ambani company […]
Anil Ambani, who warned about the possibility of the emergence of a ‘monopoly’ in Indian telecom three months ago, today said he was hanging up on his consumer telecom business. Ambani, younger brother to Mukesh Ambani — the chairman of Reliance Industries — said the mobile telephony business had changed into a new beast, and […]
The lenders of Reliance Communications have got initial bids for the company’s assets from the three big telecom companies in India, CNBC TV18 reported, quoting banking sources. The Anil Ambani Group company is under the control of its lenders after it ran aground due to high debt load and the emergence of 4G services. Three […]
Reliance Communications said the liquidation case filed by Fortuna Public Relations Private Limited against it is “misconceived, premature and motivated by extraneous considerations.” Media reports had sprung up saying that Fortuna PR had filed for liquidation of RCom to recover its dues. However, said RCom, the total bill that has been submitted by the PR […]
Reliance Communications, the embattled telecom service provider from the Anil Ambani stable, said a majority of its lenders opposed the move by China Development Bank to move ahead with insolvency proceedings on the company. “At a Committee of Financial Creditors Meeting on 29 November 2017, a majority of Reliance Communications’ lenders, foreign and Indian, aggregating […]
Reliance Communications announced that Pantel Technologies, which sells the Penta brand of tablets in India, has purchased its Big TV DTH service. The agreement was signed with Pantel Technologies Pvt Limited and Veecon Media & Television Limited, the Anil Ambani group company said. The move will reduce RCom’s debt to unsecured creditors as the new […]
Reliance Jio, India’s newest operator, added 5.94 mln subscribers in September, breaking a declining trend in net additions and taking the total subscriber number to 138.62 mln (13.86 cr). Even as the company increased its subscriber numbers, it was also able to reduce the proportion of inactive or switched-off users on the network. SEPTEMBER BLUES […]
Anil Ambani Group’s Reliance Communication said it has sent ‘cease and desist’ notices to its rivals trying to win over its enterprise customers by creating fear about the company shutting down. The development comes in the wake of announcements by the company that it was gradually shutting down its GSM and 3G network to focus […]
