RCom looks to real estate assets, Jio deal to pay Ericsson dues of Rs 453 cr after Supreme Court order
5 years, 10 months ago

RCom looks to real estate assets, Jio deal to pay Ericsson dues of Rs 453 cr after Supreme Court order

Firstpost  

RCom owes a total Rs 571 crore to the Swedish telecoms equipment maker, including a one-time settlement of Rs 550 crore and interest payments of Rs 21 crore. Business tycoon Anil Ambani is planning to use a payment from his brother’s company and the sale of real estate assets to pay what he owes to Sweden’s Ericsson following a court ruling this week, a source familiar with the matter said. Supreme Court on Wednesday ordered Ambani’s Reliance Communications Ltd and two of its directors to pay Ericsson Rs 453 crore within four weeks or face a three-month jail term for contempt of court. It is also likely to urge Reliance Jio, controlled by Anil’s elder brother and Asia’s richest man Mukesh Ambani, to speed up payments owed for fibre assets acquired from RCom, the source added.

Supreme Court Court Assets Pay Jio Crore Ericsson Real Estate Assets Rcom  court  looks  reliance  ericsson  source  jio  order  estate  crore  company  real  assets  pay  rcom  supreme  rs  sell

History of this topic

Reliance Jio seeks up to $2 billion loan to fund 5G plan: report
1 year, 4 months ago

Reliance Jio seeks up to $2 billion loan to fund 5G plan: report

The Hindu  

Jio Infocomm, the telecom wing of Reliance Industries, is in talks to raise up to $2 billion in offshore loans, with BNP Paribas acting as lead arranger, to fund the purchase of 5G network gear from Ericsson, the Economic Times reported on Monday. Swedish telecommunications firm Ericsson, in October last year said that its 5G Radio Access Network products and …

AGR case: SC seeks details of spectrum users of bankrupt telcos
4 years, 5 months ago

AGR case: SC seeks details of spectrum users of bankrupt telcos

Live Mint  

NEW DELHI: The Supreme Court on Friday asked bankrupt telecom companies, including Reliance Communications Ltd, Aircel Group and Videocon Telecommunications Ltd, to furnish details of those using spectrum with insolvent firms. A bench headed by Justice Arun Mishra asked Shyam Divan, counsel representing the resolution professional of RCom, that if Reliance Jio has been using the spectrum with RCom and …

RCom creditors approve Rs 23,000 cr asset sale plan to highest bidders Jio, UV Asset Reconstruction Company: Report
4 years, 10 months ago

RCom creditors approve Rs 23,000 cr asset sale plan to highest bidders Jio, UV Asset Reconstruction Company: Report

Firstpost  

Under the plan, 38 lenders of RCom can recover over 70 percent of their outstanding of Rs 33,000 crore secured debt New Delhi: Reliance Communications’ Committee of Creditors is believed to have approved insolvency resolution plan that will fetch lenders Rs 23,000 crore by selling its assets to Reliance Jio and UVARCL. Banking Sources say almost all lenders vote in …

RCom creditors panel to vote on Rs 23,000-cr resolution plans on 24 February; loans of Chinese lenders to reduce by nearly 65%
4 years, 10 months ago

RCom creditors panel to vote on Rs 23,000-cr resolution plans on 24 February; loans of Chinese lenders to reduce by nearly 65%

Firstpost  

RCom’s secured debt is estimated to be around Rs 33,000 crore. New Delhi: The Committee of Creditors of Reliance Communications on February 24 will put to a vote asset bids received from UV Asset Reconstruction Company and Reliance Jio from which lenders are expected to recover around Rs 23,000 crore, according to sources privy to the development. UV Asset Reconstruction …

Reliance Jio, UVARC emerge highest bidders for RCom assets; lenders expect to recover Rs 25,000 cr
5 years ago

Reliance Jio, UVARC emerge highest bidders for RCom assets; lenders expect to recover Rs 25,000 cr

Firstpost  

Reliance Jio has placed Rs 4,700-crore bids for mobile tower and fibre assets of Reliance Infratel Ltd, a subsidiary of RCom New Delhi: UV Asset Reconstruction Company and Reliance Jio have emerged as highest bidders in asset sale process of debt-ridden Reliance Communications from which lenders expect to recover Rs 25,000 crore, according to banking sources. Reliance Jio has placed …

Bharti Airtel submits conditional bids of around Rs 9,500 crore for debt-ridden RCom' telecom assets
5 years, 1 month ago

Bharti Airtel submits conditional bids of around Rs 9,500 crore for debt-ridden RCom' telecom assets

Firstpost  

I Squared Capital, which was expected to buy RCom’s data centre and optical fibre, also did not submit bids. New Delhi: Telecom operator Bharti Airtel has submitted conditional bids of around Rs 9,500 crore for debt-ridden Reliance Communications’ telecom assets, including spectrum, mobile towers and optical fibre, according to an industry source. “Bharti Airtel seems to be the highest bidder …

Bharti Airtel submits Rs 9,500-cr bids for RCom assets
5 years, 1 month ago

Bharti Airtel submits Rs 9,500-cr bids for RCom assets

India TV News  

Telecom operator Bharti Airtel has submitted conditional bids of around Rs 9,500 crore for debt-ridden Reliance Communications' telecom assets, including spectrum, mobile towers and optical fibre, according to an industry source. "Bharti Airtel seems to be the highest bidder with bids of around Rs 9,500 crore. Reliance Communications has put all its assets for sale, which include spectrum holding of …

Bharti Airtel, two others bid for bankrupt RCom’s assets
5 years, 1 month ago

Bharti Airtel, two others bid for bankrupt RCom’s assets

Live Mint  

Bharti Airtel Ltd, VFSI Holdings Pte Ltd and UV Asset Reconstruction Company Ltd have submitted their resolution plans for Reliance Communications Ltd that is undergoing insolvency proceedings. According to information available on the RCom’s website, the company owed financial creditors ₹49,193.46 crore at the time of being taken to bankruptcy court in May last year. Reliance Communications’ assets include spectrum, …

Airtel, Reliance Jio submit bids for debt-ridden RCom telecom assets; Committee of Creditors to meet today
5 years, 1 month ago

Airtel, Reliance Jio submit bids for debt-ridden RCom telecom assets; Committee of Creditors to meet today

Firstpost  

RCom’s secured debt is estimated to be around Rs 33,000 crore. New Delhi: Bharti Airtel, Reliance Jio, Varde Capital and UV Asset Reconstruction Company have submitted bids to buy assets of debt-ridden Reliance Communications, according to banking sources involved in the process. RCom has put its all assets for sale which include spectrum holding of 122 MHz that the company …

Airtel, Jio bid for Reliance Communications telecom assets
5 years, 1 month ago

Airtel, Jio bid for Reliance Communications telecom assets

India TV News  

Bharti Airtel, Reliance Jio, Varde Capital and UV Asset Reconstruction Company have submitted bids to buy assets of debt-ridden Reliance Communications, according to banking sources involved in the process. RCom has put its all assets for sale which include spectrum holding of 122 MHz that the company before insolvency proceedings estimated to be around Rs 14,000 crore, towers business for …

RCom shares rally 6 per cent to hit upper circuit on asset sale buzz
5 years, 1 month ago

RCom shares rally 6 per cent to hit upper circuit on asset sale buzz

India TV News  

Shares of Reliance Communications hit their upper circuit on Monday, rising over 6 per cent, amid reports that Bharti Airtel, Reliance Industries and three others may bid for the assets of debt-ridden company. Meanwhile, Bharti Airtel was trading 3.81 per cent higher at Rs 437.05 and Reliance Industries was up 1.04 per cent at Rs 1,562.45 on the BSE. Bharti …

Rejig of group structure at RIL paves way for Jio stake sale
5 years, 2 months ago

Rejig of group structure at RIL paves way for Jio stake sale

Live Mint  

Mumbai: A potential stake dilution in Reliance Jio Infocomm Ltd via an IPO or to a strategic investor is among the primary reasons behind the creation of wholly-owned digital subsidiary announced by Reliance Industries on Friday. The subsidiary will acquire RIL’s equity investment of ₹65,000 crore in its telecom subsidiary Reliance Jio Infocomm Ltd. Consequent to the above, RJIL will …

In a first, RCom AGM to be chaired by resolution professional today; firms in diversified group to hold their AGMs
5 years, 3 months ago

In a first, RCom AGM to be chaired by resolution professional today; firms in diversified group to hold their AGMs

Firstpost  

RCom itself sought bankruptcy early February after its efforts to sell spectrum to Reliance Jio failed due to regulatory delays Mumbai: In what is probably the first for any major corporate, a resolution professional will chair and address the shareholders of the Anil Ambani-run bankrupt Reliance Communications at the annual meeting with shareholders here on Monday. RCom is presently going …

Anil Ambani's RCom's bankruptcy begins as NCLT allows firm to exclude 357 days spent in litigation; next hearing on 30 May
5 years, 8 months ago

Anil Ambani's RCom's bankruptcy begins as NCLT allows firm to exclude 357 days spent in litigation; next hearing on 30 May

Firstpost  

At the last hearing, RCom had sought 357 days exclusion in the insolvency process citing the stays it had on the process by the NCLAT and the Supreme Court. Mumbai: The National Company Law Tribunal on Thursday allowed Reliance Communications to exclude the 357 days spent in litigation and admitted it for insolvency. With this, RCom, which owes over Rs …

RCom pays ₹460 crore to settle Ericsson dues
5 years, 9 months ago

RCom pays ₹460 crore to settle Ericsson dues

Live Mint  

Mumbai: Ericsson SA has received ₹462 crore from Indian telecom firm Reliance Communications Ltd, the Swedish company said on Monday, potentially saving billionaire Anil Ambani and two RCom directors from a jail term. Late last month, the Supreme Court found Anil Ambani, chairman of the debt-laden firm, guilty of contempt of court for wilfully failing to pay the Swedish telecom …

In a sinking ship
5 years, 10 months ago

In a sinking ship

The Hindu  

IN a case of how the mighty can fall, one of India’s top businessmen, Anil Ambani, chairman of the Anil Dhirubhai Ambani Group, faces the prospect of spending time in jail and going bankrupt. Jio’s failure to buy Rcom assets At the centre of Anil Ambani’s problems was Reliance Jio’s failure to buy RCom’s assets. Keeping in mind the crisis …

Anil Ambani-led Reliance Capital invites Japan's Nippon Life Insurance to buy its entire 42.88% stake in JV
5 years, 10 months ago

Anil Ambani-led Reliance Capital invites Japan's Nippon Life Insurance to buy its entire 42.88% stake in JV

Firstpost  

Sources said the transaction could help clear around 40% of Reliance Capital’s outstanding debt worth Rs 18,000 crore New Delhi: Anil Ambani-led Reliance Capital on Thursday said it has invited Nippon Life Insurance to acquire its entire 42.88 percent stake in Reliance Nippon Life Asset Management. “Reliance Capital has invited its partner, Nippon Life Insurance, to make an offer to …

A day after Supreme Court verdict against Anil Ambani, RCom asks lenders to release Rs 260 cr directly to Ericsson
5 years, 10 months ago

A day after Supreme Court verdict against Anil Ambani, RCom asks lenders to release Rs 260 cr directly to Ericsson

Firstpost  

Observing there was a ‘willful default’, the Supreme Court ordered RCom to clear the Rs 453 crore dues to Swedish telecom equipment maker Ericsson within four weeks or face a 3-month jail term. The Supreme Court on Wednesday found Anil Ambani, chairman of debt-laden RCom, guilty of contempt of court for willfully failing to pay Rs 550 crore to Ericsson. …

Supreme Court verdict against Anil Ambani in Ericsson-RCom case: Chronology of events
5 years, 10 months ago

Supreme Court verdict against Anil Ambani in Ericsson-RCom case: Chronology of events

Firstpost  

The Supreme Court on Wednesday held Reliance Communications Ltd chairman Anil Ambani and two others guilty of contempt of court. New Delhi: The following is the chronology of events in the case in which the Supreme Court on Wednesday held Reliance Communications Ltd chairman Anil Ambani and two others guilty of contempt of court. Observing there was a ‘wilful default’, …

Ericsson-RCom case: Supreme Court holds Anil Ambani guilty of contempt, asks him to pay dues of Rs 453 cr in 4 weeks
5 years, 10 months ago

Ericsson-RCom case: Supreme Court holds Anil Ambani guilty of contempt, asks him to pay dues of Rs 453 cr in 4 weeks

Firstpost  

The RCom chairman and others will have to purge contempt by paying Rs 453 crore to Ericsson in four weeks, the Supreme Court said. The Supreme Court on Wednesday held Reliance Communication chairman Anil Dhirubhai Ambani and others guilty of contempt in a plea filed by Ericsson India over not clearing its dues of Rs 550 crore. The Supreme Court …

Supreme Court holds RCom, Anil Ambani guilty of contempt in Ericsson dues case
5 years, 10 months ago

Supreme Court holds RCom, Anil Ambani guilty of contempt in Ericsson dues case

Live Mint  

New Delhi: The Supreme Court on Wednesday held Reliance Communications Ltd and its chairman Anil Ambani guilty of contempt for failing to pay dues to Ericsson India. The court was ruling on Ericsson’s contempt plea against RCom and its chairman Ambani for “wilful disobedience” of the court’s earlier orders to pay dues to the Swedish company. Rohatgi also denied allegations …

Supreme Court reserves verdict in Ericsson’s contempt plea against RCom
5 years, 11 months ago

Supreme Court reserves verdict in Ericsson’s contempt plea against RCom

Live Mint  

The Supreme Court on Wednesday reserved its verdict on Ericsson’s contempt plea against Reliance Communications Ltd and its chairman Anil Ambani for “wilful disobedience” of the court’s earlier orders to pay dues of ₹550 crore to the Swedish telecom equipment maker. Ericsson had asked the court to direct Ambani to submit ₹550 crore along with interest of 12% per annum …

Anil Ambani flies in private jets, has money for Rafale but no money to pay Rs 550 cr dues, asks Ericsson lawyer
5 years, 11 months ago

Anil Ambani flies in private jets, has money for Rafale but no money to pay Rs 550 cr dues, asks Ericsson lawyer

Firstpost  

Early this month, RCom decided to opt for insolvency proceedings following its failure to sell assets for paying back its lenders, the Anil Ambani-led telecom firm said. Supreme Court has on Wednesday reserved its judgement on a contempt plea filed against Reliance Communication chairman Anil Dhirubhai Ambani and and two others by Ericsson India over not clearing its dues of …

Anil Ambani Appears Before SC In Contempt Plea By Ericsson; SC Adjourns Matter For Tomorrow
5 years, 11 months ago

Anil Ambani Appears Before SC In Contempt Plea By Ericsson; SC Adjourns Matter For Tomorrow

Live Law  

Anil Ambani, Chairman of Reliance Communications, appeared in the Supreme Court in response to the notices issued by the apex court in the contempt petitions filed Swedish company Ericsson. Three officials of the company were also present.The bench of Justices R F Nariman and Vineet Saran however adjourned the matter for tomorrow. The contempt petitions have been filed alleging that …

RCom chairman Anil Ambani reaches Supreme Court in contempt petition filed by Ericsson India
5 years, 11 months ago

RCom chairman Anil Ambani reaches Supreme Court in contempt petition filed by Ericsson India

Firstpost  

The Supreme Court of India had issued notice to Anil Ambani and others on a contempt petition filed by Ericsson India over non-payment of its dues. Reliance Communications chairman Anil Ambani has reached the Supreme Court on Tuesday to appear in a contempt petition filed by Ericsson India over not clearing its dues of Rs 550 crore. Contempt proceeedings Ericsson …

Reliance Communications stock sinks by more than half to a record low as firm asks NCLT to resolve debt
5 years, 11 months ago

Reliance Communications stock sinks by more than half to a record low as firm asks NCLT to resolve debt

Firstpost  

Reliance Communications said its lenders had not received any proceeds from asset monetisation plans, and that its overall debt resolution process had not made any progress Reliance Communications Ltd shares plunged by more than half to a record low on Monday, after the Indian telco said it will seek a fast-track resolution to its indebtedness through bankruptcy court. In one …

RCom heads to Indian bankruptcy court after Ambani brothers’ mobile battle
5 years, 11 months ago

RCom heads to Indian bankruptcy court after Ambani brothers’ mobile battle

CNN  

New Delhi CNN Business — One of India’s richest men has turned to a bankruptcy court for help as he battles to save his company after losing a brutal price war with his older brother. Anil Ambani’s wireless telecom business, Reliance Communications, announced Sunday it was asking India’s National Companies Law Tribunal to help sell its assets and settle billions …

RCom files for insolvency after govt refuses nod for asset sale to Jio
5 years, 11 months ago

RCom files for insolvency after govt refuses nod for asset sale to Jio

Live Mint  

Anil Ambani promoted telecom company Reliance Communications on Friday said that it has decided to file for insolvency as its lenders have received zero proceeds from its proposed asset monetization plans even after a period of 18 months. This comes one month after its planned asset sale to brother Mukesh Ambani’s Reliance Jio failed to get approval from the Department …

SC issues notice to Anil Ambani over RCom Ericsson dues
6 years ago

SC issues notice to Anil Ambani over RCom Ericsson dues

Live Mint  

New Delhi: The Supreme Court on Monday issued notice to Anil Ambani on a plea by Ericsson India Pvt. Senior lawyer Harish Salve, appearing for Reliance Jio said, “Knowing the problems with prior dues and when giving physical guarantee, we can’t take the risk.” The court was responding to a contempt petition by RCom against the department of telecommunications claiming …

Dues settlement row: Reliance Communications says Ericsson attempting media trial, endangering interest of creditors
6 years ago

Dues settlement row: Reliance Communications says Ericsson attempting media trial, endangering interest of creditors

Firstpost  

RCom said it remains committed to clear dues of Ericsson from spectrum realisation. However, the approval for the same is pending with the government New Delhi: Debt-laden Reliance Communications Sunday accused Swedish telecom gear maker Ericsson, which is an operational unsecured creditor of the company, of attempting media trial and sensationalising the issue of dues recovery, saying it might put …

Reliance Communications says 'fully committed' to settle dues with Ericsson from spectrum sale
6 years ago

Reliance Communications says 'fully committed' to settle dues with Ericsson from spectrum sale

Firstpost  

Reliance Communications is yet to receive approval from the telecom department to proceed with the sale of its wireless assets. New Delhi: Telecom company Reliance Communications Ltd said it remained “fully committed” to settle dues with Swedish telecom gear-maker Ericsson from the proceeds of its sale of wireless assets to Reliance Jio Infocomm Ltd. “RCom has taken all required steps …

RCom files case in Supreme Court against DoT over Jio deal
6 years ago

RCom files case in Supreme Court against DoT over Jio deal

Live Mint  

New Delhi: Reliance Communications Ltd on Thursday filed a contempt of court plea against the department of telecommunications in the Supreme Court claiming that it failed to furnish a no-objection certificate clearing RCom’s spectrum deal with Reliance Jio Infocomm Ltd even after the court had directed it to do so. The Supreme Court had on 30 November cleared the sale …

Anil Ambani clears legal hurdle to sell telecom assets to Reliance Jio
6 years, 1 month ago

Anil Ambani clears legal hurdle to sell telecom assets to Reliance Jio

Live Mint  

New Delhi: The Supreme Court on Friday cleared the sale of spectrum by Anil Ambani-controlled Reliance Communications Ltd to elder brother Mukesh Ambani’s Reliance Jio Infocomm Ltd on the condition that the seller furnishes ₹ 1,400 crore as corporate guarantee to the government within two days. The tribunal had also asked RCom to not sell a land parcel worth ₹ …

Supreme Court tells RCom to pay Ericsson dues by 15 December
6 years, 2 months ago

Supreme Court tells RCom to pay Ericsson dues by 15 December

Live Mint  

New Delhi: The Supreme Court on Tuesday gave Reliance Communications Ltd time till 15 December to clear the pending payment of ₹ 550 crore towards telecom equipment manufacturer Ericsson India Pvt. RCom moved the top court on 19th March, seeking a stay on the orders by the Bombay high court and the Mumbai bench of the National Company Law Tribunal, …

Anil Ambani seeks to sell control of Reliance Communications
6 years, 3 months ago

Anil Ambani seeks to sell control of Reliance Communications

Live Mint  

Reliance Communications Ltd., the telecommunications company that’s offloading most of its assets to a rival, is in talks to sell a controlling stake in what will remain after it exits India’s consumer wireless business. The company helmed by billionaire Anil Ambani is negotiating with two investors who are conducting due diligence, Bill Barney, chief executive officer of the company and …

RCom caps borrowing limit to ₹50,000 crore
6 years, 3 months ago

RCom caps borrowing limit to ₹50,000 crore

Live Mint  

New Delhi: Debt-ridden Reliance Communications said on Wednesday its shareholders have approved a cap of ₹ 50,000 crore on its borrowing limit. The resolution to revise borrowing limit was passed as special resolution by around 90% of shareholders at the annual general meeting of the company held on 18 September 2018, RCom said in a BSE filing. It was proposed …

RCom to exit telecom fully to focus on realty: Anil Ambani
6 years, 3 months ago

RCom to exit telecom fully to focus on realty: Anil Ambani

Live Mint  

Mumbai: Reliance Communications Ltd will completely exit the telecom business to concentrate on real estate in future, said Reliance Group chairman Anil Ambani at the company’s annual general meeting today. At the RCom AGM, Ambani also thanked his elder brother and Reliance Industries Ltd chairman Mukesh Ambani, whose telecom venture—Reliance Jio Infocomm Ltd—bought RCom assets. “It would be most appropriate …

Reliance Jio acquires fiber assets of R Com for Rs 3,000 crore
6 years, 4 months ago

Reliance Jio acquires fiber assets of R Com for Rs 3,000 crore

India TV News  

Reliance Communications today said it has completed sale of its fibre assets and related infrastructure assets, worth Rs 3,000 crore, to Mukesh Ambani-backed Reliance Jio Infocomm. Last week, Reliance Communications had completed the planned sale of its media convergence nodes and related infrastructure assets, worth Rs 2,000 crore, Reliance Jio Infocomm. Earlier this month, Reliance Communications had reinstated bank guarantees …

RCom sells assets worth ₹ 2,000 crore to Reliance Jio
6 years, 4 months ago

RCom sells assets worth ₹ 2,000 crore to Reliance Jio

Live Mint  

Mumbai: Reliance Communications Ltd today said it has completed the sale of its media convergence nodes and related infrastructure assets worth ₹ 2,000 crore to Reliance Jio Infocomm Ltd. “Reliance Communications Ltd today announced the completion of the sale of its MCNs and related infrastructure assets, worth ₹ 2,000 crore, to Reliance Jio Infocomm,” the RCom statement said. RCom had …

Reliance Communications agrees to sell Rs 25,000 cr assets by August end; to pay Ericsson Rs 550 crore
6 years, 5 months ago

Reliance Communications agrees to sell Rs 25,000 cr assets by August end; to pay Ericsson Rs 550 crore

India TV News  

Debt-ridden Reliance Communications is looking to complete the sale of its business assets worth Rs 25,000 crore by the end of this month and has also agreed to pay Rs 550 crore towards settlement to telecom gearmaker Ericsson by September-end. Reliance Communications in a regulatory filing said that it has "agreed to pay a settlement amount of Rs 550 crore …

RCom-Jio deal: Reliance Infratel, HSBC Daisy submits final consent terms to NCLAT
6 years, 6 months ago

RCom-Jio deal: Reliance Infratel, HSBC Daisy submits final consent terms to NCLAT

Live Mint  

New Delhi: Reliance Infratel Ltd and its offshore investor and minority shareholder HSBC Daisy Investments Ltd on Friday submitted to the National Company Law Appellate Tribunal their final consent terms with respect to their dispute over sale of tower and fibre assets by the telco to Reliance Jio Infocomm Ltd. This comes a month after Reliance Infratel, a unit of …

Discover Related