HOME > BUSINESS > RCom says looking to refinance various payments till September

RCom says looking to refinance various payments till September

Anil Ambani Group’s Reliance Communications said it was in talks with its lenders and partners to put off some of the instalment payments that the company had to pay until the completion of its merger with Sistema Shyam Teleservices and Aircel Cellular by September this year.

“RCom is presently engaged in discussions with its lenders to obtain their requisite consent for the two transactions and to refinance scheduled instalments falling due in the interim period up to 30 Sept 2017.

“All our vendors and partners are working with the company and they are fully aligned to the current market situation and our strategic focus on getting the transactions completed,” CEO Gurdeep Singh said.

Singh was responding to questions based on media reports that the company was having trouble paying interest on its loans and compensating its vendors and suppliers.

It also blamed the competitive intensity brought on by Reliance Jio for the current state of the company, as well as the larger industry, and urged the government to take steps to relieve the burden on the industry.

The company has seen its cash situation deteriorate in the last few months as many subscribers switched from its paid services to free services offered by Reliance Jio, much of it using RCom infrastructure.

Asked if it had not contributed to the situation by allowing Jio to ride on its towers and spectrum, Singh said Jio was always free to offer its services at whatever prices it saw fit, and would have created its own infrastructure if companies like RCom had denied its offer for partnership.

On the other hand, said Singh, the Jio partnership will enable the company to expand its 4G offerings in the future at very low infrastructure costs.

 

 

Follow ULTRA.news
Anil Ambani Group may shut down Reliance Digital TV next month Purported advertisementReliance Digital TV, the DTH arm of the Anil Ambani Group, is scheduled to shut down next month, according to the photo of an advertisement that allegedly appeared in a regional newspaper.The DTH service has around 5 mln (50 lakh) subscribers."This i...
Why Reliance JIO’s new tariff plan is BAD for Bharti Airtel, Idea & Vodafone Airtel's stock performance (2002-2017)The stock of Bharti Airtel is at a two-year high, not far from its life-highs of late 2007, but going by the latest tariffs unveiled by Reliance Jio, investors will do well to hold off on the bubbly for a while longer.Airtel closed a...
JIO Wallet Offers: Paytm, Amazon, PhonePe give cashback on 399 recharge Wallet players like Paytm, Mobikwik, PhonePe and AmazonPay have come up with cash back offers for Reliance Jio users who want to take advantage of the Rs 399 recharge scheme valid till today midnight.Last week, India's largest wireless Internet provider said anyone rechargin...
Reliance Jio’s New 4G Plans: No More Tariff Increases? Jio's new 4G tariff from Oct 19Reliance Jio has unveiled a set of new plans that will come into effect from tomorrow, effecting a price increase of about 15% to existing tariff.The phrasing of the new plans also suggests that these are 'regular' plans, and not promotiona...
Reliance Jio to withdraw Rs 399 plan next week Most customers of Reliance Jio, the country's largest telecom operator by volumes, will not be able to get the 84GB-for-399 plan starting next month, the company's deputy chief financial officer V Srikant said on Friday.Asked how the company's average revenue per user (billi...
Surprisingly, Reliance Jio is already profitable at PAT level Reliance Jio has reported revenue of Rs 7,213 cr, including GST, and an operating profit of Rs 261 cr for the second quarter of the financial year.However, after deducting costs related to the wear and tear of its machines, Reliance Jio reported a pretax loss of 414 cr. This...
Reliance Jio breaks even on opg level, 9.62 GB avg consumption per month Reliance Jio has reported revenue of Rs 7,213 cr and an operating profit of Rs 261 cr for the second quarter of the financial year.Per capita data consumption was 9.62 GB per user per month.Average voice consumption was 626 minutes per month during the period, it added. ...
BSNL to increase minimum broadband speed to withstand Jio Fiber Existing BSNL plansState-owned telecom provider Bharat Sanchar Nigam Ltd will increase the speed cap on all its DSL and Fiber broadband plans to 10 Mbps. At present, most plans have a speed cap of 4 Mbps.However, higher speeds will be available only in areas which are re...
Reliance Jio quarterly numbers to be announced today; new tariff plans eyed Reliance Industries, the parent of telecom operator Jio, will announce its quarterly performance numbers at around 5 pm today.Besides its core oil and gas business, the company will give an update on the operations of its telecom unit.Some in the market even expect it t...
Reliance Jio to launch new plans on Thursday, offers 100% cashback Reliance Jio, India's most popular wireless data provider, said it will introduce new plans from Oct 19, and that it was offering "100%" cashback on its popular recharge of Rs 399 that gives three months of services.In a promotion put up on its website, the company said the ...
Moody’s to train SBI employees to appraise loan applicants State Bank of India, the country's largest bank, said Moody’s Analytics will train its employees to source, appraise and monitor loans.SBI employees will be granted the Moody’s Analytics Certificate in Commercial Credit (CICC) as part of the program.The program has been...
Idea, Airtel offer 84 GB 4g data for Rs 400 to target users Airtel PlansIdea Cellular and Bharti Airtel are offering 1 GB of 3G or 4G data per day for 84 days at a price of around Rs 400 in select circles, including voice benefits, matching Jio's lowest tariff.The offer is available only for targeted users.For example, for so...
Idea Cellular offers 28 GB 3G/4G data for Rs 250 Idea Cellular, which has been under pressure in recent months due to aggressive offerings from rivals Bharti Airtel and Reliance Jio, has unveiled a new promotional offer that gives 1 GB per day for 28 days at a price of around Rs 250.Unlike other plans, this one does not off...
RCom withdraws scheme for sale of tower co to Brookfield Reliance Communications said it has filed with the National Company Law Tribunal to withdraw its demerger scheme for its tower assets.The move follows the cancellation of its plans to merge with Aircel Cellular due to regulatory issues.The company Anil Ambani-led company...
After Aircel deal failure, RCom changes board composition Reliance Communications inducted its CEO and the president of its telecom business into its board of directors.Punit Garg, President, Telecom Business and Chief Financial Officer V Manikantan have been appointed as non-indepedent directors on the company board.The move c...
RCom likely to shut more 2G, 3G networks, sell the spectrum Reliance Communications, which announced it was abandoning plans to merge with Aircel Cellular, indicated that it would focus on two segments - 4G and wired. Within wired, it would focus on enterprise services.The disclosure indicates that the company, -- which recently shut ...
JIO IMPACT: India mobile data usage up 500%, price down 97% in 1 year The average data consumed by wireless users in India has increased five fold in the last year one year, even as prices crashed by 97% due to the launch of Reliance Jio.For India as a whole, the total consumption of wireless data touched 4.3 bln GB in the three months from Ap...
Idea Cellular expects 7-fold increase in data consumption in one year Idea Cellular, one of India's top telecom companies, is working with the assumption that its users will increase their data consumption from the present level of around 2.2 GB per month per head to 15 GB per month by next year, CEO Himanshu Kapania said."Idea is planning on ...
Reliance Jio, Vodafone & Airtel conducting pre-5G trials – ZTE All three of India's top mobile networks -- Bharti Airtel, Vodafone and Reliance Jio -- are currently conducting trials of a key 5G technology that makes use of a very high number of antennas to increase the capacity of the network, David An, the technology head of ZTE said toda...
Reliance Jio to tie-up with Den Networks for fiber launch? A day after Reliance Industries said it would not comment on media speculation about acquisition talks with Den Networks, the cable company has issued a largely identically worded statement. However, the statement seemed to indicate the possibility of a tie-up or agreement rathe...