RCom gets TDSAT relief, can go ahead with spectrum deal sans bank guarantee

The guarantee had been demanded by DoT

Reliance Communications (RCom) said the Telecom Disputes Settlement Appellate Tribunal (TDSAT) had allowed it to complete its spectrum sale deal without having to pay a bank guarantee of Rs 29 billion. The guarantee had been demanded by the department of telecommunications (DoT).

The Anil Ambani-owned company said it would get Rs 9.75 billion from sale of spectrum, of which it was to give Rs5.5 billion to Ericsson. Reliance Infratel minority investors would be paid Rs 2.3 billion from the proceeds, the company said in a filing to the BSE exchange.