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RCOM furnishes Rs 14 billion worth of corporate guarantee to DoT

December 03, 2018
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Reliance Communications’ (RCOM) has furnished a corporate guarantee worth Rs 14 billion to the Department of Telecommunications (DoT) in line with Supreme Court’s (SC’s) directive. This has paved the way for an early closure of the spectrum sale deal between RCOM and Reliance Jio Infocomm Limited (RJIL). SC has asked DoT to approve RCOM’s spectrum deal with RJIL within seven days of receiving the corporate guarantee.

Earlier, SC had allowed RCOM to sell its airwaves to RJIL, dismissing DoT’s objections. RCOM and the DoT had been engaged in a legal battle for months over spectrum related dues. DoT had maintained that it would not allow the spectrum trading deal unless RCOM furnishes bank guarantees worth Rs 30 billion.

The closure of the spectrum sale deal will enable RCOM to repay Ericsson and Reliance Infratel shareholders, besides 39 lenders, including 14 state-run banks led by State Bank of India. The SC had given RCOM time till December 15, 2018 to pay Rs 9.75 billion to Ericsson and Reliance Infratel’s minority shareholders, including HSBC Daisy Investments.

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