Monday, 22 July, 2019


Reliance Communications shares surge 38%

Reliance Communications Reliance Communications shares surge 38%
Conrad Doyle | 17 May, 2018, 14:33

Last September, the Swedish company had filed a petition in the NCLT's Mumbai bench seeking liquidation of the telecom operator to recover Rs 1,150 crore that RCom owes it.

The National Company Law Tribunal on Tuesday ordered that wireless carrier Reliance Communications Ltd be placed in insolvency proceedings, jeopardising its proposed $3.7 billion asset sale to Reliance Jio Infocomm Ltd.

Ericsson has sought Rs1,154 crore from RCom and two of its arms-Reliance Telecom Ltd and Reliance Infratel Ltd-after having signed a seven-year deal in 2014 to operate and manage RCom's nationwide network.

The tribunal admitted the petition on May 15 which could potentially result in delaying RCom's plans to sell assets to lighten its debt load.

In December 2017, Reliance Jio agreed to buy a majority of the wireless assets of RCom for an undisclosed amount. The company in a press release said it would decide the next course of action after studying the detailed orders of NCLT. The apex court had earlier has allowed the sale of the tower and fibre business, but insisted that the proceeds be escrowed, while allowing the spectrum, fibre, media convergence network (MCN) assets and real estate to be sold off.

RCom shares fell 15.20% to close at Rs 10.55 a share on Wednesday following the development. RCom says it owes only Rs 60 crore to Ericsson.

Under India's bankruptcy law, insolvency resolution needs to be completed within a maximum 9 months, failing which the company is liquidated.

Worries about the ability of, as the company is widely known, to repay its near $7 billion debt to Indian and foreign banks have been mounting for more than a year.

The company shut down its consumer mobile business late a year ago unable to survive the aggressive pricing strategy adopted by Reliance Jio which offered free voice and undercut the prices of data plans.

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