Company plans to raise another ₹200 crore
Anil Ambani-led Reliance Communications group has requested urgent approval from its lenders to release approximately RS 260 crore received from Income Tax refunds, lying in its bank account, directly to Ericsson.
A sum of ₹118 crore (net of tax) has already been deposited with the Supreme Court registry, which will be given to Ericsson within a week.
“RCOM is confident of raising the balance approximately ₹200 crore for payment to Ericsson, in order to ensure that the entire ₹550 crore, plus interest thereon, stands paid to Ericsson, well within the time of 4 weeks allowed by the Hon’ble Supreme Court,” said a company statement.
The company is looking at other possible ways to raise another ₹200 crore, including tapping the cash reserves of its subsidiary GCX, advance payments from proposed sale of its Delhi property and pending payments from Reliance Jio to meet the shortfall.
RCom shares were trading up 1.4% at ₹5.88 in a firm Mumbai market on Thursday afternoon.