The company offers an array of services, including GSM (Voice; 2G, 3G, 4G), Direct-To-Home (DTH) and fixed line broadband and voice. As noted in May 2017, the RCom is India’s sixth largest telecom operator. It has a huge customer base of about 118 million which includes 2.6 million individual overseas retail customers.
As of November 2017, the company planned to discontinue with its 2G services to focus more on its 4G business. In a statement released by the company officials RCom plans to shut major parts of its wireless business in order to cut down on its widening losses and blamed, among other factors, the “creative destruction” wrought by Reliance Jio’s free voice services. The major upheaval in the sector has led to three big non-state companies remaining in the fray, aside from the government-run telecom companies.
LAST UPDATED : Sep 17, 2020, 07:25 PM IST
- SC rejects SBI plea for resuming insolvency proceedings against Anil Ambani
The Supreme Court on Thursday dismissed a plea by State Bank of India seeking resumption of insolvency proceedings against the then chairman of Reliance Communications (RCom), Anil Ambani, to recover Rs 1,200 crore loan granted to his two firms.
- Telcos to pay 10% of AGR dues by March 31: Sanjay Dhotre
Telecom operators shall pay 10 per cent of the adjusted gross revenue (AGR) dues demanded by the department of telecom (DoT) by March 31 as directed by the Supreme Court, Parliament was informed on Tuesday. MoS for communications Sanjay Dhotre, replying in the RS, also said the estimated revenue likely to be generated will depend on the payments made by the telecom companies.
- 'Telcos need to pay 10% of total AGR dues by March 31 irrespective of payment made'
Telecom operators, including Bharti Airtel and Vodafone Idea, which have pending adjusted gross revenue dues will have to pay 10% of the total liability by March 31 irrespective of the part-payments made by them, according to sources. Operational telecom operators are expected to pay Rs 12,921 cr by March 31, of which close to 80% has to be paid by Vodafone Idea & Airtel.
- Guidelines mandate clearing of all dues prior to spectrum trading by telcos, DoT tells SC
All liabilities including AGR-related dues should be cleared by telecom firms prior to spectrum trading as per the guidelines, the department of telecom (DoT) informed Supreme Court on Monday. The DoT further told the top court that it can seek to recover dues from sellers and buyers of spectrum, jointly or individually.
- NCLT will check SBI's pleas against Anil Ambani for recovery of Rs 1,200 crore
The National Company Law Tribunal (NCLT) in Mumbai on Thursday appointed a resolution professional (RP) Jitender Kothari to recommend whether to admit State Bank of India’s twin insolvency petitions against Anil Ambani to recover Rs 1,200 crore of loans guaranteed by him.
- Chinese Banks may get Rs 7,000 crore from RCom, RTL resolution plan: Report
Chinese Banks are slated to get 30 per cent or Rs 7,000 crore from Reliance Communications (RCom), Reliance Telecom and Reliance Infratel resolution plan, while the telecom department may be left with no proceeds coming its way in the current scheme of things, a source said.
- Paid Rs 195 crore AGR related dues including spectrum sharing charges, Reliance Jio tells SC
Reliance Jio told the Supreme Court on Tuesday that it has already paid Rs 195 crore in AGR-related dues which included spectrum sharing charge of Reliance Communications. It said there is no question of one operator paying the adjusted gross revenue (AGR) related dues of another firm, as suggested by the apex court earlier, and it has cleared all its dues.
- SC asks Centre to clarify stand on why Reliance Jio be not asked to pay AGR related dues
With differences cropping up between two ministries, the Supreme Court on Monday asked Centre to clarify its stand on why Reliance Jio, which is earning revenue by sharing Reliance Communication's (RCom) spectrum be not asked to pay the adjusted gross revenue (AGR) related dues to the government.
- Jio-RCom spectrum sharing deal not connected with AGR liability: Report
Reliance Jio's four-year-old telecom spectrum sharing deal with Reliance Communications (RCom) is not connected with the latter's past statutory dues that pertain to the period prior to 2016 when Jio wasn't even in operation, sources close to the company said.
- AGR case: SC seeks details of spectrum sharing agreement between RCom & Reliance Jio
The Supreme Court on Friday sought the details of spectrum sharing pact between Reliance Communications (RCom) and Reliance Jio and said as to why the company using the spectrum of the other firm cannot be asked to pay the adjusted gross revenue (AGR) related dues to the government.
- CARE Ratings fined Rs 1 crore in RCom case
Markets regulator Sebi has slapped a penalty of Rs 1 crore on CARE Ratings in its failure to monitor the creditworthiness of the now-defunct telecom services provider Reliance Communications. The penalty relates to the case of RCom’s inability to pay debenture holders about Rs 385 crore in February-March 2017, the Sebi order said.
- Delhi high court halts insolvency proceedings against Anil Ambani
The Delhi high court on Thursday halted insolvency proceedings against Reliance Group chairman Anil Ambani, the younger brother of India’s richest man, and barred him from disposing of any of his assets. Anil Ambani had filed a plea with the HC challenging the appointment of a resolution professional over a roughly Rs 1,200 crore ($163 million) personal guarantee he gave to SBI.
- Court agrees to hear bankruptcy case against Anil Ambani
A two-member panel of the National Company Law Tribunal, or NCLT, in Mumbai has appointed a bankruptcy administrator to verify a claim by State Bank of India, or SBI, that Ambani offered about $160 million of personal guarantees while seeking loans in 2016 for his now insolvent Reliance Communications Ltd and Reliance Infratel Ltd, according to an order on the court’s website.
- SC expresses concern over non-payment of AGR related due by telecos under insolvency
Expressing concern over non-payment of the adjusted gross revenue (AGR) related dues by the telecom companies which are under insolvency, the Supreme Court on Thursday said "without paying for the horse, telecos are taking a ride".
- RCom loans: Anil Ambani claims no personal guarantee given to three Chinese banks
Beleaguered businessman Anil Ambani on Tuesday claimed he had not given any personal guarantee for a borrowing made by Reliance Communications (RCom) from three Chinese banks against the backdrop of a UK court directing him to pay $717 million to the three lenders.
- AGR: SC seeks spectrum info from RCom, Jio
The Supreme Court Friday sought the details of spectrum sharing pact between Reliance Communications (RCom) and Reliance Jio and said as to why the company using the spectrum of the other firm cannot be asked to pay the Adjusted Gross Revenue (AGR) related dues to the government.
- RIL chairman Mukesh Ambani joins club of world’s 10 richest
Asia’s richest man has entered a new league of wealth. The net worth of Mukesh Ambani, chairman of Reliance Industries Ltd, has jumped to $64.5 billion, making him the only Asian tycoon in the exclusive club of the world’s top 10 richest people, according to the Bloomberg Billionaires Index. Ambani is at No-9 in the list.
- SBI takes Anil Ambani to NCLT to recover Rs 1,200 crore
The SBI has filed an application in the NCLT to recover more than Rs 1,200 crore from Anil Ambani under the personal guarantee clause of the bankruptcy law. Anil Ambani had given personal guarantee to the loans given to Reliance Communications and Reliance Infratel. The tribunal on Thursday gave Ambani a week to file reply to the application.
- UK court orders Anil Ambani to pay $717m to Chinese banks
A UK court on Friday directed Reliance Group chairman Anil Ambani to pay nearly $717 million to three Chinese banks pursuing the recovery of funds owed to them as part of a loan agreement within 21 days. The court ruled that a personal guarantee disputed by Ambani is binding on him.
- Pay $716 million to 3 Chinese companies: UK court to Anil Ambani
Business tycoon and former billionaire Anil Ambani was on Friday ordered by a UK court to pay three Chinese banks $716 million (Rs 5,439 crore). The commercial court of the high court in London gave a summary judgment against Ambani, chairman of Reliance ADA Group, after his defence was struck down because he failed to make a conditional payment of $100 million (Rs 759 crore) to the court by March 20 this year
- UK court orders Anil Ambani to pay $717mn to Chinese banks
A UK court on Friday directed Reliance Group chairman Anil Ambani to pay nearly $717 million to three Chinese banks pursuing the recovery of funds owed to them as part of a loan agreement within 21 days. At a remotely held hearing, Justice Nigel Teare ruled at the Commercial Division of the High Court of England and Wales that a personal guarantee disputed by Ambani is binding on him.
- Anil Ambani can’t appeal $100 million court order
Business tycoon Anil Ambani has had his application to appeal a $100 million (Rs 753 crore) conditional order refused by the UK Court of Appeal. Ambani, the brother of one of Asia’s richest men, had been ordered at a February 7 hearing to pay the court $100 million by 4 pm local time (9.30 pm IST) on March 20 (Friday) in order to avoid having his defence struck out.
- Anil Ambani has to pay $100 million by end of day
Reliance Group chairman Anil Ambani lost an attempt to appeal a UK court order that he set aside $100 million in his dispute with three Chinese banks. He has until 4:00 pm on Friday in London to make the payment or run the risk of losing the lawsuit over $700 million in defaulted loans. Banks could seek summary judgment and move forward to seize Ambani's assets.
- Reliance Communications chairman Anil Ambani, 4 other directors resign
Anil Ambani has resigned as director of Reliance Communications (RCom), the debt-ridden company said in a filing on Saturday. RCom, which is currently going through insolvency process, has posted a consolidated loss of Rs 30,142 crore for July-September 2019 due to provisioning for liabilities after the Supreme Court ruling on statutory dues.
- UK court told Anil Ambani was a wealthy businessman, now he is not
Reliance Group chairman Anil Ambani was a wealthy businessman and now he is not as a result of a "disastrous turn of events" in the telecom market in India, his lawyers told a UK court as they fought a bid by top Chinese banks to recover $680 million from the Indian businessman. "Mr Ambani's net worth is zero once his liabilities are taken into account," said his barrister.
- SBI moves NCLT to recover Anil Ambani's personal guarantee
State Bank of India (SBI) has moved the National Company Law Tribunal (NCLT), seeking to recover loans disbursed to the Anil Ambani-led group of companies from a personal guarantee given by Anil Ambani. The bank has filed two applications under section 95(1) to nominate a resolution professional for insolvency resolution process of personal guarantor — Ambani.
- Reliance Jio, asset rejig co top bidders for debt-hit RCom, group companies
UV Asset Reconstruction Company (UVARCL) has emerged as the highest bidder for Reliance Communications (RCom) and Reliance Telecom (RTL) — including real estate assets, enterprise and data centre business — with a bid of a little over Rs 16,000 crore.
- Reliance Jio, UV Arc top bidders for RCom group assets
Reliance Communication, once a flagship company of Anil Ambani group, received bids from Bharti Airtel and alternate investment firm Varde Partners in addition to UV Asset Reconstruction. Banking sources said that UVARC’s bid was the highest. Bharti Airtel and UVARCL had also bid for Reliance Infratel.
- Anil Ambani faces trial in London high court
Anil Ambani is set to stand trial in the London high court after narrowly avoiding a summary judgment against him, which would have forced him to repay three Chinese banks more than $700 million. Industrial and Commercial Bank of China, China Development Bank and the Export-Import Bank of China are suing Ambani under a personal guarantee for more than $700 million.
- RCom lenders reject resignation of Anil Ambani, 4 other directors
Reliance Communications (RCom) on Sunday said its lenders have rejected the resignation of chairman Anil Ambani and 4 other directors, and asked them to cooperate in the ongoing insolvency resolution process. Ambani, along with 4 directors — Ryna Karani, Chhaya Virani, Manjari Kacker and Suresh Rangachar — had resigned from the company earlier this month.
- Telcos move SC, seek review of few AGR directions
Telecom majors, including Bharti Airtel and Vodafone Idea, moved the Supreme Court on Friday seeking review of certain directions passed in its judgment favouring the government on recovering adjusted gross revenue (AGR) of about Rs 92,000 crore from telecom service providers.
- Airtel drops RCom assets bid as Jio gets extension
Telecom operator Bharti Airtel has withdrawn its bid to purchase assets of Reliance Communications (RCom) after terming the move of committee of creditors to extend the bid submission deadline on the request of Reliance Jio as "extremely unfair" and "biased".
- Anil Ambani, four RComm directors step down
A day after Reliance Communications announced its biggest loss ever, chairman Anil Ambani and some of the directors have resigned from their positions, the telecom company said in a regulatory filing on Saturday. Ambani, Chhaya Virani and Manjari Kacker quit their directorships on Friday, while Suresh Rangachar and Ryna Karani put in their papers on Wednesday and Thursday.
- Distress call: Finance minister Nirmala Sitharaman hints at rescuing bleeding telcos
"I want no company to shut operations. I want everyone to be up and running. Not just telecom sector, my wish is...all sector(s) be able to do business...and survive," said Finance minister Nirmala Sitharaman and added that the govt has taken the same approach in Telecom sector as well. With massive losses, the sector is under acute financial distress.