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TDSAT clears deck for RCOM’s spectrum sale to RJIL

October 12, 2018
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The Telecom Disputes and Settlement Appellate Tribunal (TDSAT) has cleared Reliance Communications’ (RCOM) spectrum sale to Reliance Jio Infocomm Limited (RJIL). This would allow RCOM to clear its outstanding debt and emerge debt-free soon.

Earlier the TDSAT had given a go ahead to RCOM to sell its spectrum to RJIL, so that RCOM could use the proceeds worth Rs 9.75 billion to pare its debt. However, the Department of Telecommunications (DoT) raised issues regarding securitisation of Rs. 29 billion for spectrum usage charges (SUC) from RCOM and asked the TDSAT to modify its order. However, during its current ruling, the TDSAT has dismissed DoT’s plea.

After TDSAT’s approval, RCOM expects to complete spectrum trading without the bank guarantee worth Rs 29 billion.

Under RCOM’s spectrum sale to RJIL, RCOM expects to receive Rs. 130 billion in the final tranche of payment from RJIL which would enable it to completely exit the debt-restructuring process. Of the total amount, RCOM will receive Rs. 9.75 billion, while Rs. 120.25 billion will be paid to the 38 secured lenders, including a few public and private sector banks.

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