The Supreme Court on Thursday refused to grant permission to Reliance Communications Ltd (RCom) to sell its wireless assets to upstart rival Reliance Jio Infocomm Ltd, saying it will hear the case again in two weeks. The ruling marks a setback for RCom, which is trying to reduce debts worth $6.8 billion and pay back its creditors. The Swedish company had sought the court’s help to prevent RCom from selling assets without its permission. State Bank of India, one of RCom’s biggest creditors had filed a petition to the Supreme Court to allow the sale to go through even as Ericsson’s case remains at the arbitration tribunal. RCom, controlled by billionaire Anil Ambani, had decided in December to sell its wireless assets to Jio in a deal pegged at $3.8 billion, sources said.

Source: Hindustan Times March 22, 2018 09:45 UTC