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India's RCom offers to settle legal row with Ericsson

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India's RCom offers to settle legal row with Ericsson

Anil Ambani-owned Reliance Communications Ltd. has offered to resolve an eight-month-old dispute with Swedish telecom giant Ericsson outside the purview of the Indian insolvency tribunal and quasi-judicial authority, the National Company Law Tribunal, The Economic Times reported May 17, quoting people familiar with the matter.

Bilateral talks are reportedly being held with no formal offer being made yet. Any settlement is expected to allow beleaguered RCom to push ahead with its plan to pare debt by selling its wireless assets to Reliance Jio Infocomm Ltd. Investment Arm, owned by elder brother Mukesh Ambani's Reliance Industries Ltd.

Ericsson had filed three petitions, all of which were admitted by the Mumbai bench of the National Company Law Tribunal on May 16, in a bid to draw RCom into insolvency and bankruptcy proceedings to recover pending dues.

In 2014, Ericsson signed a seven-year deal with RCom to operate and manage RCom's national telecom network. However, RCom shut down its wireless business in 2017 after a failed merger attempt with Aircel Ltd.