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DoT to challenge TDSAT order letting RCom spectrum sale sans bank guarantee

RCom in August completed the sale of its fibre assets and related infrastructure assets, worth Rs 30 billion, to Reliance Jio

Press Trust of India  |  New Delhi 

RCom, Reliance Communications
Reliance Communications

The will challenge the telecom tribunal TDSAT's order allowing Reliance Communications to sell to Reliance Jio without providing the bank guarantee.

"The licence conditions do not provide for accepting any barter system. will challenge order that directs it to allow RCom sell with land as security," a senior official told PTI.

The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) in its order dated October 11, 2018, rejected plea of the Department of Telecom (DoT) seeking bank guarantee of around Rs 29 billion before it permits sale of RCom to Reliance Jio.

RCom signed an agreement with Mukesh Ambani-owned Reliance Jio Infocomm Ltd to sell spectrum and other telecom assets for an estimated Rs 250 billion and clear its debt of about Rs 460 billion partially.

However, the spectrum sale deal is stuck for clearance from the for want of bank guarantee.

RCom in August completed the sale of its fibre assets and related infrastructure assets, worth Rs 30 billion, to Reliance Jio.

First Published: Mon, October 29 2018. 18:35 IST
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