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Reliance Jio-RCom agreement in a limbo over bank guarantee
New Delhi, Jan. 11 -- Just over a year ago, India's richest man Mukesh Ambani offered a bail-out option for younger brother Anil Ambani's beleaguered company Reliance Communications Ltd, signing a deal in which Reliance Jio Infocomm Ltd would buy the latter's telecom assets that would potentially save it from insolvency. Today, the picture is starkly different and perhaps more complicated. The proposed sale of RCom's spectrum assets, announced in December 2017 and initially expected to be cleared by March 2018, is in limbo. Jio has expressed difficulty in providing an undertaking to the government to settle RCom's dues till it is protected from RCom's past liabilities by a bank guarantee. Such an undertaking is mandatory under spectrum trad...
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