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RCOM to soon furnish bank guarantees worth Rs 7.74 billion to DoT

August 10, 2018

In a letter to the Department of Telecommunications (DoT), Reliance Communications (RCOM) has confirmed that it will shortly furnish bank guarantees worth Rs 7.74 billion and sell spectrum to Reliance Jio Infocomm (RJIL). RJIL will take care of all spectrum related payments over the next 15-16 years.

This has given the government some sort of assurance over payment of spectrum dues of around Rs 150 billion over the next decade. These airwaves were bought by RCOM in the 2013 and 2015 auctions, with payment to be made over 18 years.

As per industry sources, RCOM will most likely furnish the bank guarantees during the hearing of its plea against DoT’s show-cause notice at the Telecom Disputes Settlement and Appellate Tribunal (TDSAT).

Earlier DoT encashed bank guarantees worth over Rs 9 billion after RCOM failed to make payment for spectrum in April 2018, breaching licence conditions. It further said that it would cancel RCOM’s licences in 14 circles. In its plea to TDSAT, RCOM termed DoT’s notice illegal, arbitrary and without jurisdiction. The tribunal had directed DoT not to take any coercive action till the hearing on August 10, 2018.

 
 

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