May 18, 2018 05:54 PM IST | Telecom
Reliance Communications' settlement with Ericsson over dues unlikely for now
India's bankruptcy court earlier this week admitted an insolvency plea filed by Ericsson against debt-laden RCom, as the company is widely known, potentially derailing the Indian telecoms firm's plans to sell assets to larger rival Reliance Jio to cut debt.
Ericsson, which signed a seven-year deal in 2014 to operate and manage RCom's nationwide telecoms network, is seeking 11.55 billion rupees ($170 million) from the company and two of its subsidiaries.
RCom, controlled by businessman Anil Ambani, late last year announced plans to sell most of its wireless assets to mobile carrier Reliance Jio in a deal sources said was worth about $3.8 billion.
Published Date: May 18th, 2018 01:21 PM | Updated Date: May 18, 2018 05:54 PM IST
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