RCom to lose its undersea cable unit as clouds hang over debt revamp
NEW DELHI: Indian telecom operator Reliance Communications (RCom) Ltd. will lose control of its undersea cable unit GCX Ltd. after a Delaware Court approved a creditor-supported Chapter 11 plan for the subsidiary, in a setback to its own closely-watched bankruptcy process. The plan that got the nod this week will grant ownership of GCX to […]
Reliance Jio, Bharti Airtel set to bid for RCom’s physical assets
NEW DELHI: Reliance Jio and Bharti Airtel have expressed interest in bidding for physical telecom infrastructure of Anil Ambani-led Reliance Communications which is undergoing insolvency proceedings, a source privy to the development told PTI. The two companies are , however, are not interested in buying spectrum held by RCom, the source said. The NCLT in […]
RCom pays 458.77 crore to Ericsson; Anil Ambani wards off possible jail term
NEW DELHI: A day before the expiry of Supreme Court set deadline, Reliance Communications (RCom) Monday paid Rs 458.77 crore to Swedish telecom equipment maker Ericsson, clearing outstanding dues and fending-off a possible jail term for its billionaire Chairman Anil Ambani. Sources close to RCom said the payment was made to Ericsson Monday evening, a […]
Pay Ericsson Rs 453 crore or face jail: Supreme Court to Anil Ambani
NEW DELHI: Observing there was a ‘wilful default’, the Supreme Court on Wednesday held Anil Ambani, chairman of Reliance Communication(RCom), guilty of contempt of court and ordered the debt-laden company to clear the Rs 453 crore dues to Swedish telecom equipment maker Ericsson within four weeks or face a 3-month jail term. In a verdict […]
RCom tanks over 48%; other group shares crash too
NEW DELHI: Shares of Reliance Communications (RCom) fell sharply on Monday, tumbling over 48 per cent, after the company decided to opt for insolvency proceedings following its failure to sell assets for paying back its lenders. The shares of Reliance Communications, after a weak opening, further crashed 48.27 per cent to its record low of […]