By Krishna V Kurup
The order came as a big blow to RCom which had unveiled a plan in December 2017 to sell its wireless assets to Reliance Jio Infocomm Ltd.
The loss from a failed 12-year foray in the Indian wireless market marks Malaysian tycoon T. Ananda Krishnan’s biggest-ever hit on a soured investment.
The entry of Reliance Jio Infocomm Ltd in September 2016 with free calls and cheap data has upended India’s telecom industry.
Bharti Airtel’s move to shed non-core assets follows the blockbuster entry into the Indian market by Reliance Jio that has forced rivals to merge.
Now Corp and Philippine Telegraph and Telephone Corp, have publicly said they are planning to bid.
Deals to start building 5G networks are still largely a year away, but Huawei has signed 25 MoUs with telecom operators.
Axiata said it instead plans to focus on further collaboration with Telekom Malaysia, with which it parted ways in 2008.
RCom and Reliance Jio have not disclosed the exact valuation of the deal yet.
RCom said its debt and liabilities would reduce by about Rs25,000 crore via debt prepayment and transfer of its wireless assets to Jio.
The benefits accruing out of the Idea-Vodafone merger will increase on account of savings made by both Idea Cellular and Vodafone India.