RCom-Aircel merged company to be called Aircom, says Anil Ambani

BT Online   New Delhi     Last Updated: June 2, 2017  | 19:57 IST
LIVE: Telecom sector to reduce around 40,000 jobs in current fiscal year, says Reliance Communications

Reliance Communications chairman Anil Ambani is holding a media briefing in a bid to reassure investors after worries over the mobile carrier's heavy debt load rattled markets and triggered ratings downgrades.

Meanwhile, on Wednesday, Moody's Investors Service downgraded Reliance Communications' corporate family rating and senior secured bond rating on account of weak performance and "fragile" liquidity position.

Allaying concerns, the Anil Ambani-led Reliance Group company also said that it has told lenders that it would repay Rs 25,000 crore before September 30 this year post completion of its three different deals.

Here are the LIVE Updates:

  • 6:20 PM: Will look at strategic sale option for global business, says Anil Ambani
  • 6:15 PM: Company in a unique position in Indian telecom sector in terms of future growth, says Anil Ambani.
  • 6:10 PM: Anil Ambani says that Reliance Communications to reduce debt by Rs 25,000 crore after Aircel and Brookfield deals.
  • 6:05 PM: RCom chairman Anil Ambani says plan for firm's strategic transformation has been accepted by lenders
  • 6:02 PM: Disappointed with credit rating downgrades of RCom; will make efforts to restore them: Anil Ambani
  • 5:59 PM: RCom has time till December 2017 to complete Aircel and Brookfield transactions: Anil Ambani
  • 5:54 PM: Lenders have agreed to our Strategic transformation program: Anil Ambani
  • 5:54 PM: RCom to receive standstill on debt obligations for 7 month: Anil Ambani
  • 5:54 PM: RCom to exercise biggest debt reduction in India:Anil Ambani
  • 5:54 PM: RCom will hold 50% stake in Aircom, the new wireless company:Anil Ambani
  • 5:54 PM: Aircom will be a key tenant of Reliance Infratel:Anil Ambani
  • 5:54 PM: RCom will hold 49% in Brookfield transaction:Anil Ambani
  • 5:51 PM: We ourselves are disappointed because of the downgrades that happen because of crisis in the Telecom sector
  • 5:50 PM: We are thankful to our lenders for their support: Anil Ambani
  • 5:45 PM: We will receive a standstill on servicing debt obligations for 7 months ie till December said Anil Ambani
  • 5:40 PM: Requesting banks to adopt 5/25 scheme for banks as well
  • 5:40 PM: High prices of 900 Mhz spectrum in 2015 resulted in financial pressure
  • 5:35 PM: Rel Comm: Hyper-competitiveness in telecom that started in Sept led to 'free plan' wars.
  • 5:30 PM: Telecom Sector's Interest Repayment Obligation is at Rs 50,000- Rs 60,000 per year, said Garg
  • 5:30 PM: Global operators like DoCoMo exiting telecom market as it is not viable, said Garg
  • 5:29 PM: Paying almost 43% tax to government and almost half the amount elsewhere in the world: Garg
  • 5:15 PM: Will talk about the progress of other companies at AGM at the end of the month
  • 5:15 PM: Bank borrowings stand at Rs 2.8 lakh crore. DoT spectrum liability is Rs 2.95 lakh cr
  • 5:15 PM: Telecom industry would end up reducing 30,000 to 40,000 more jobs in the current financial year
  • 5:15 PM: Telecom Sector EBIDTA fell short of target of Rs 78,000 cr by Rs 25,000 cr
  • 5:10 PM: Data prices have crashed from Rs 250 per GB to just Rs 3 per GB: Garg
  • 5:10 PM: Bond holders liabilities stand at Rs 2 lakh crore: Garg
  • 5:02 PM: We have taken initiatives to reduce debt, said Garg
  • 5:02 PM: Telecom growth has been directly co-related to the GDP, said Garg
  • 5:02 PM: Telecom sector has genrated second highest employment opportunities after IT
  • 5:00 PM: Punit Garg, President at Reliance Communications Ltd. is speaking on the current scenario in telecom sector.


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