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The Supreme Court on Friday allowed Anil Ambani-owned Reliance Communications (RCom) to sell its telecom assets worth about Rs 181 billion to Reliance Jio, controlled by his elder brother Mukesh Ambani. The transaction will help RCom reduce its debt by half while giving crucial infrastructure, including spectrum, to RJio.
The entire proceeds of the sale will go to RCom’s lenders, which have not been paid since June last year when the company’s financials deteriorated due to an intense pricing battle initiated by Jio.
The settlement terms arrived at between the lenders and RCom were, however, objected to by Swedish firm
