NEW DELHI (Reuters) – India’s Reliance Communications (RCom) on Wednesday reached a settlement with Ericsson and agreed to pay part of the dues owed to the Swedish company by the end of September, potentially clearing the way for RCom to sell assets and trim debt.
An Indian appeals tribunal in New Delhi put on hold insolvency proceedings against RCom as part of the settlement and asked it to pay Ericsson 5.5 billion rupees ($81.5 million) by the end of September.
Settlement - Way - Anil - Ambani-controlled - Telecoms
The settlement potentially paves the way for the Anil Ambani-controlled telecoms operator to sell its wireless assets including mobile masts and airwaves to Reliance Jio Infocomm in a deal sources have said is worth $3.8 billion.
Jio is the telecom venture of Reliance Industries , controlled by Ambani’s brother and India’s richest man Mukesh Ambani.
National - Company - Law - Appellate - Tribunal
The National Company Law Appellate Tribunal (NCLAT) also asked RCom and Ericsson to file an affidavit by June 7...
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