Welcome Guest Login | Register | Site Map | | Make TelecomTiger my homepage     
Telecom News
Enterprise |  Policy & Regulation |  Mobiles & Tabs |  Corporate |  VAS |  People Movement  |  Technology  |  LTE
Corporate
RCom, Reliance Jio extend validity of asset sale pact to June 28
TT Correspondent |  |  31 Dec 2018

Reliance Communications and Reliance Jio announced Monday that they have extended the terms of an agreement for sale of wireless assets of the Anil Ambani owned firm.

The move comes at a time when Reliance Communication's spectrum sale deal has been hanging fire, pending requisite clearance from the telecom department.

"Reliance Jio lnfocomm Limited, a subsidiary of Reliance Industries Limited, extended the term of the definitive agreement for the acquisition of specified assets of Reliance Communications Limited and its affiliates to 28th June 2019," Reliance Industries said in a regulatory filing Monday.

The acquisition is subject to receipt of requisite approvals from governmental and regulatory authorities, consents from all lenders, release of all encumbrances on the said assets and other conditions, it said.

In a separate filing, Reliance Communications said the company and Reliance Jio have "extended the validity of the agreements signed on 28th December 2017 for sale of towers, fiber, MCNs and spectrum of RCOM and its affiliates to 28th June 2019".

"The transactions are to be consummated subject to various approvals that are presently in progress," RCom added.

Reliance Communications has been urging the telecom department to grant it the "long-awaited no-objection certificate" to comply with a Supreme Court order in "letter and spirit".

Senior officials of Reliance Communications and Reliance Jio had also met the telecom secretary this month to discuss outstanding issues raised by Department of Telecom (DoT) over payment related to spectrum sale deal between the two companies.

The Anil Ambani-owned company had maintained that it remains committed to discharging any outstanding or disputed amount subject to final adjudication.

Reliance Communications had earlier asserted that the requirement of giving bank guarantee as per DoT's demand has been substituted by the orders of telecom tribunal and the Supreme Court, and that its unit Reliance Realty had provided a non-disposal undertaking and corporate guarantee.

"Hence, compliance with the trading guidelines is met," RCom had asserted in an earlier statement.

However, the DoT has, so far, held to its position that the deal cannot be cleared unless there is clarity on payment of dues and associated charges, particularly as the Mukesh Ambani-led Jio has refused to take any payment liability of his younger sibling's firm RCom to conclude the spectrum trading deal between the two firms.

    
Other Stories in this Section
 mail this article    print this article    Show and Post comment
31 Dec 2018(IST)  
Whitepaper
Maintain Business Continuity with Cisco ASR 9000 nV Technology
It is a virtual chassis solution where a pair of ASR 9000 routers acts as a single device by maintaining a single contr...read more
Simplify Your Network with Cisco ASR 9000 nV Technology
With the new Cisco Network Virtualization (nV) technology in the Cisco ASR 9000 Series Aggregation Services Routers, se...read more
Cisco Small Cell Solution: Reduce Costs, Improve Coverage
It is designed to address the challenge of mobile service coverage and to expand network capacity...read more
Other Stories of the Day