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BUZZ-India's Reliance Communications slips as Ericsson files insolvency case
September 14, 2017 / 3:55 AM / 10 days ago

BUZZ-India's Reliance Communications slips as Ericsson files insolvency case

** Shares of mobile carrier Reliance Communications Ltd (RCom) slipped as much as 2.3 pct to 21.25 rupees

** Swedish telecom equipment maker Ericsson’s Indian subsidiary filed an insolvency case against RCom and two of its units to recover unpaid dues, RCom said in a stock exchange filing on Wednesday

** Ericsson is seeking a total of 11.55 billion rupees ($180.1 million) from RCom and its two units‍​

** RCom, controlled by billionaire Anil Ambani, got a seven-month loan reprieve from lenders as it works on two asset sale deals that it expects will reduce its $7 bln debt by about 60 percent

** Up to Thursday’s close, RCom stock had fallen about 36 pct this year ($1 = 64.1350 Indian rupees)

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