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TDSAT grants permission to RCom to sell spectrum

It has to fulfill the demand of bank assurances worth Rs 2900 crore.

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MUMBAI: Telecom Disputes Settlement and Appellate Tribunal (TDSAT) has given permission to Reliance Communications (RCom) to proceed with the sale of its spectrum. The telecom company would have to assure bank guarantees worth Rs 2900 crore as demanded by Department of Telecommunications (DoT).
In its media release, the telecom company confirmed that it will be able to pay the Swedish multinational networking and telecommunications company Ericcsson its Rs 550 crore and the minority investors of Reliance Infratel (RITL) about Rs 230 crore, as agreed by the lenders.

The official release stated, “Reliance Communications Ltd has been granted relief by the Telecom Disputes Settlement & Appellate Tribunal vide its Interim Order dated 1 October 2018, whereby TDSAT has stayed the demand of Bank Guarantee of Rs 2,900 Crore by the Department of Telecommunications".

“38 secured lenders of RCOM Group have already approved the sale of the above spectrum, and the proceeds thereof will be used for making payments to Ericsson India Private Ltd and to RITL Minority Investors, as per settlement terms,” continued the release.
RCom even criticised the DoT for creating obstructions in the proceedings of the spectrum sale.

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