Rcom Wireless Business Shutting Down, Anil Blames Mukesh
Rcom Wireless Business Shutting Down, Anil Blames Mukesh
Reliance Communications To Shut Down 2G Mobile Business By November
26 October, 2017, 10:42
The ET noted that "people familiar with the matter" have claimed that RCom is set to shut down its 2G operations, essentially divesting its lowest ARPU subscribers, in order to focus on the profitable elements of its 3G and 4G operations.
A email query sent to RCom remained unanswered. "We stand at a situation where we need to call it a day on our wireless business and this would bring the curtains down on our wireless business 30 days from now", Singh said. According to the Economic Times report, RCom has informed all employees that they will only be with the company until November 30.
The company will shut down its DTH business - Reliance Big TV - once its licence expires on November 21 and shift users to a different platform.
Singh also said November 30 will be the last working day for all employees at DAKC (Dhirubhai Ambani Knowledge City) associated with wireless business and services that support it. However, as the company's enterprise unit could assume control over these, there is the possibility that its dedicated wireless unit could be shuttered. Merger talks between the company and Aircel also collapsed following delay in getting approvals from the courts and other authorities like Department of Telecom. Reliance Communications was expected to merge its wireless business with Aircel but the merger deal didn't go through due to various reasons.
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On October 1, the company announced a plan to reduce its debt by Rs 25,000 crore through monetisation of tower, fibre assets, real estate and optimisation of the spectrum portfolio. An independent third party valuation for development of 125-acre prime real estate in Navi Mumbai established significantly higher present value monetisation potential of Rs 10,000 crore, the company had said earlier.
RCom has neither confirmed nor denied the report.
RCom is in the midst of a strategic debt restructuring, under which it has entered into a standstill agreement with banks requiring it not to pay any interest or principal till December 2018.
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