Hon’ble Supreme Court orders DOT to approve Reliance communications’ Spectrum Trading within 7 days
Reliance Realty Limited, 100% subsidiary of Reliance Communications to issue corporate guarantee of Rs. 1,400 crore
Spectrum Trading transaction to go ahead - RCOM to pay-off Ericsson and RITL minority investors from the spectrum trading proceeds
Deepthi | Myequity news | Date : 30-11-2018 16:30:00 IST
A Reliance Communications Limited (RCOM) spokesperson stated: The Hon’ble Supreme Court today ordered the Department of Telecommunications (Union of India) to grant a No-Objection to Reliance Communications Limited for spectrum trading within 7 days. RCOM’s 100 per cent subsidiary, Reliance Realty Ltd, will submit a Corporate Guarantee of Rs 1,400 crore within 2 days. About Reliance Communications
The Hon’ble Supreme Court upheld the earlier order of the Hon’ble Telecom Disputes Settlement and Appellate Tribunal (TDSAT), and no Bank Guarantee is now required.
The Spectrum trading transaction will now be completed and RCOM will pay-off Ericsson and minority investors of Reliance Infratel Limited (RITL).
Reliance Communications Limited, founded by the late Shri Dhirubhai H Ambani, has Corporate clientele which includes 40,000 Indian and multinational corporations, including small and medium enterprises. Reliance Communications has established a pan-India, Next-Generation, digital network that is capable of supporting best-of-class services spanning the entire communications value chain.