Sought lenders’ approval to release Rs 260 cr to Ericsson: RCOM

Reliance Communications (RCom) on Thursday said it has requested for an ‘urgent approval’ from the company’s lenders to directly release around Rs 260 crore from its bank account to Ericsson.

The move comes after the Supreme Court on Wednesday directed RCom to pay Rs 453 crore to Ericsson India within four weeks.

“Reliance Communications group has requested urgent approval from its lenders to release approximately Rs 260 crore received from Income Tax refunds, lying in its bank account, directly to Ericsson,” an RCOM spokesperson said.

The company has already deposited Rs 118 crore with the Supreme Court.

RCOM further said that it “is confident of raising the balance approximately Rs 200 crore for payment to Ericsson, in order that the entire Rs 550 crore plus interest thereon stands paid to Ericsson well within the four weeks time allotted by the Supreme Court”.