Reliance Communications, Ericsson reach settlement on outstanding dues
An Indian appeals tribunal on Wednesday put on hold insolvency proceedings against Reliance Communications (RCom ), after the debt-laden Indian telecom carrier reached a settlement with Swedish telecom gear maker Ericsson.
An Indian appeals tribunal on Wednesday put on hold insolvency proceedings against Reliance Communications (RCom), after the debt-laden Indian telecom carrier reached a settlement with Swedish telecom gear maker Ericsson.
The National Company Law Appellate Tribunal (NCLAT) in New Delhi has asked RCom to pay Ericsson 5.5 billion rupees ($81.52 million) by end-September as part of the settlement.
The settlement potentially paves the way for the Anil Ambani-controlled telecom operator to sell its wireless assets including mobile masts and airwaves to Reliance Jio Infocomm in a deal sources have said is worth $3.8 billion.
RCom had filed and appeal with the NCLAT, after the National Company Law Tribunal, earlier this month, admitted an insolvency plea against the company that was filed by Ericsson.
Watch this Zee Business video here:
Ericsson, which signed a seven-year deal in 2014 to operate and manage RCom`s nationwide telecom network, was seeking 11.55 billion rupees ($171.16 million) from the company and two of its subsidiaries.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
Top 7 Stocks to Track: This defence PSU multibagger can give 45% return; food delivery app stock likely to rise 19%
Mutual Fund SIP: Invest Rs 1000 per month to grow your corpus to over Rs 3.5 core at retirement, know calculations
04:32 PM IST