RCOM subsidiary submits Rs 1,400 cr corporate guarantee to DoT

Mumbai : Reliance Communications (RCOM) on Monday said its subsidiary Reliance Realty has submitted a corporate guarantee of Rs 1,400 crore to the Department of Telecommunications (DoT) as per the Supreme Court's order on November 30.

The apex court in its order directed the DoT to approve RCOM's spectrum trading deal within seven days of the order and told RCOM to furnish Rs 1,400 crore worth of corporate guarantee.

"The spectrum trading transaction will now be completed and proceeds will clear the dues of Ericsson and minority investors of Reliance Infratel Limited (RITL)," RCOM said in a statement.

RCOM's asset monetisation would proceed as per plan, it said.

The shares of RCOM on the BSE closed at Rs 16.62, higher by Rs 2.35 or 16.47 per cent from the previous close.