Debt-ridden telecom firm Reliance Communications on Wednesday said the group owes around Rs 26,000 crore to Indian banks and financial institutions.
The Industrial and Commercial Bank of China Ltd Mumbai Branch, on behalf of itself, China Development Bank and Exim Bank of China, had sought summary judgment against Ambani over an alleged breach of a personal guarantee on a debt refinancing loan of around USD 925 million in February 2012.
Racing against time to meet the Supreme Court's deadline, Reliance Communications (RCom) has paid Rs 458.77 crore of dues to Swedish telecom equipment maker Ericsson, according to sources.
On February 1, RCom's board reviewed the progress of the company's debt resolution plans since the invocation of strategic debt resolution on June 2, 2017.
Late last week, a bench headed by Justice RF Nariman said the NoC would be given to Reliance Communications Ltd by the Telecom Department, if Reliance Realty furnishes the corporate guarantee within two days.
The top court refused to lift the stay ordered by the arbitral tribunal and set aside the March 8 order of Bombay High Court by which R-Com's petition was dismissed.
The agency said it expects RIL to pay less than Rs 25,000 crore for the acquisition as it is acquiring only the towers, optic fiber cable network, spectrum and media convergence nodes, and not the realty assets.
Anil Ambani said on Tuesday that the company has achieved full resolution of RCom's debt, cutting it by Rs 25,000 crore to Rs 6,000 crore by monetising assets.
In a statement issued on Monday, RCom said it was ‘surprised’ by the ‘untimely and premature action’ of the China Development Bank.
Reliance Communications' board also approved issuing 10 per cent equity in the company to Sistema Shyam Teleservices, as part of the agreement between the two.
Reliance Communications has asked most its employees to exit the company by November 30, a media report said.
The merger between Sistema Shyam and Reliance Communications promises Rs 700 crore extra income and two million new users for Anil Ambani's telco.
Anil Ambani-led Reliance Communications is reeling under debts and faced credit downgrades over its inability to pay back loans
Reliance Communications has close to Rs 45,000 crore debt on its books.
The Anil Ambani-owned firm has defaulted on its loan servicing obligations with more than 10 banks.
Anil Ambani-owned Reliance Communications on Wednesday said that markets regulator SEBI and the stock exchanges have cleared the demerger of its wireless business and the unit’s subsequent merger with Aircel.
In the new ‘joy of Holi’ offer, Telecom operator Reliance Communications (RCOM) today announced a new offering to provide 1GB data to new 4G customers for Rs 49 whereas 3GB data will be priced at
Anil Ambani led Reliance Communications has signed a binding pact with Canada's Brookfield Infrastructure for selling a stake in its mobile tower business for an upfront cash payment of Rs 11,000 crore The two sides
Anil Ambani on Tuesday announced that a “virtual merger” of his Reliance Communications with older brother Mukesh Ambani’s Reliance Jio has now been effected to fulfil the dreams of their late father, Dhirubhai Ambani.
Government will conduct special audit of telecom companies, including Bharti Airtel, Vodafone, Reliance Communications and Idea Cellular for three years to 2010-11
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