Asset sale to Jio at risk from govt's Rs 29-bn demand, RCom tells SC

Govt refuses to approve RCom's spectrum sale to Jio until a bank guarantee is given by either firm

Billionaire Anil Ambani’s Reliance Communications (RCom) told Supreme Court on Monday that its asset sale to Reliance Jio Infocomm may not go through if approvals aren’t in place by mid-December, putting at risk planned debt repayments by the distressed company.

The government, however, reiterated its stand in the Supreme Court that it could not grant an approval to RCom for spectrum sale to Jio until a bank guarantee of Rs 29.4 billion was given to it by either company toward spectrum usage charges. 

RCom, on the other hand, said that it was not in a position to furnish the said bank guarantee