March 12, 2018 / 2:35 PM / 6 days ago

India's RCom says to appeal court order on sale of tower, fibre assets

MUMBAI, March 12 (Reuters) - India’s Reliance Communications Ltd (RCom) will appeal a court order that stays the sale of some telecom assets of one of its units, the company said in a statement on Monday.

The National Company Law Tribunal, India’s designated court for bankruptcy cases, on Monday stayed the sale of assets of Reliance Infratel Ltd in response to a petition filed by HSBC Daisy Investments (Mauritius) Ltd, local media reported.

RCom will file an appeal before an appellate tribunal challenging the stay, a company spokesman said, adding that the stay only pertained to the firm’s tower and fibre assets.

Separately, an arbitration tribunal last week barred the debt-laden RCom from selling assets without its permission in a case of money owed to Swedish telecom gearmaker Ericsson .

RCom Chairman Anil Ambani aims to cut his firm’s debt by selling most of its wireless assets to Reliance Jio Infocomm Ltd in a deal sources said was worth about $3.8 billion. RCom has said it aims to close the deal by March.

Reporting by Sankalp Phartiyal; editing by Jason Neely

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