Lenders may refuse to take RCom's request for release of Rs 260 crore

Anil Ambani firm requested banks to release Rs 260 crore from escrow account to pay Ericsson

The lenders to Reliance Communications (RCom) are unlikely to agree to the company’s request for the release of Rs 260 crore, which it received as income-tax refunds and is lying in its bank account, to pay Swedish equipment maker Ericsson, said sources.

The lenders will put the request before their respective boards, but do not expect them to approve it. “For all practical purposes, the banks may not allow RCom’s request as they have first charge over the company’s assets and on the escrow account. The banks’ decision to refer it to their boards may just be a formality to