 "The earnings of Anil Ambani's Reliance Communications slumped after Reliance Jio offered free calls and data plans.")
With the bulk of its wireless telephony business shutting down, Anil Ambani-owned Reliance Communications (RCom) on Monday skipped interest payment to its bond holders.
The company didn’t pay the interest, of about $9.75 million due on Monday, on its $300-million bonds that will mature in 2020.
In a statement to the stock exchanges, RCom said, “For the time being, no payment of interest and/or principal is being made to any lenders and/or bond holders of RCom.” The company has entered into a standstill agreement till December 2018 with its lenders.
RCom owes Rs 44,700 crore to Indian banks and had
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