Reliance Communications has received approval from the Supreme Court to proceed with the sale of its wireless assets to 4G operator Reliance Jio after it agreed to pay 5.5 billion rupees or $80.06 million to settle dues with telecom equipment maker Ericsson.
India’s bankruptcy court in May admitted a plea by Ericsson seeking insolvency resolution against Anil Ambani-promoted Reliance Communications over unpaid service dues, potentially derailing the company’s 250 billion rupee plan to sell assets to Reliance Jio, a company owned by Mukesh Ambani.
Ericsson had signed a seven-year deal in 2014 to operate and manage RCom’s nationwide telecom network, and sought 11.55 billion rupees or $171.16 million from the company and two of its subsidiaries.
