After massive networth erosion, Tata Tele seeks Rs 29,000-cr debt recast

Pressed more after the launch of Reliance Jio services, joins RCom in seeking a bailout from banks

Tata Teleservices, the loss-making telecom services provider of the Tata group, had asked banks to restructure loans worth Rs 29,000 crore following a Rs 11,650 crore erosion in its net worth in 2016-17, banking sources said. 

Tata Teleservices joins Anil Ambani-owned Reliance Communications in seeking a bailout from banks since the launch of services by Reliance Jio.

According to bankers, Tata Teleservices and its listed subsidiary Tata Teleservices (Maharashtra) have asked banks to extend the maturity of loans to 20 years in line with the tenure of their licences and spectrum. Besides, Tata Teleservices has sought a loan of Rs