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Report: India's RCom gets clearance for spectrum sale to Jio

Reliance Communications Ltd. has received a nod to its proposed spectrum sale to Reliance Jio Infocomm Ltd. from India's telecom tribunal, which rejected a government demand to furnish bank guarantees before the sale, BusinessLine reported Oct. 11, citing sources.

The Telecom Disputes Settlement and Appellate Tribunal reportedly quashed a plea by the Department of Telecommunications to alter an earlier order by the tribunal to approve the sale of spectrum with riders attached.

RCom had earlier gone to the tribunal over a DOT demand for spectrum usage charges worth 30 billion Indian rupees.

The beleaguered telco was expecting to get 130 billion rupees in the final portion of payments from Mukesh Ambani-led Jio over the next few days that will allow it to exit the debt-restructuring process, the report said.

The amount will be used to pay 38 secured lenders, Ericsson India Pvt. Ltd. and HSBC Daisy Investments (Mauritius) Ltd., BusinessLine said.

Ericsson had previously initiated insolvency proceedings against RCom in September 2017, but relented and accepted the carrier's offer to pay 5.5 billion rupees to settle their dispute over unmet dues.

RCom closed the sale of its fiber assets worth 30 billion Indian rupees to Jio in August, following the sale of its media convergence nodes and related infrastructure assets.

As of Oct. 11, US$1 is equivalent to 73.92 Indian rupees.