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RCom asks lenders to allow release of Rs 260 crore directly to Ericsson

RCom said it had received the sum as income tax refunds and is lying in its bank account

Analysts say the other key reason for the slow decline was its growing debt burden

Last Updated : Feb 21 2019 | 1:21 PM IST

Reliance Communications (RCom) said on Thursday it has urged its lenders to allow release of Rs 260 crore ($36.55 million) directly to telecom equipment maker Ericsson.

RCom said it had received the sum as income tax refunds and is lying in its bank account.

The Supreme Court on Wednesday found Anil Ambani, chairman of debt-laden Reliance Communications, guilty of contempt of court for wilfully failing to pay Rs 550 crore to Ericsson.