RCom offloads stake in two cos; files caveat in court

RCom offloads stake in two cos; files caveat in court
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First Published: Fri, Dec 14 2007. 11 08 PM IST
Updated: Fri, Dec 14 2007. 11 08 PM IST
New Delhi: India’s second biggest wireless operator by subscribers, Reliance Communications Ltd (RCom) has exited two companies, Swan Telecom Pvt Ltd and Cheetah Corporate Services Ltd, which are applicants for radio spectrum and mobile phone service licences.
RCom has sold less than 9% stake it held in each of these companies. “We do not hold any stake in these companies anymore,” said an RCom spokesperson, declining details. Mint could not independently verify to whom RCom had sold the Swan and Cheetah stakes to. The two firms, whose ownership has been a mystery for some months now, had applied for GSM mobile phone licences in March but have not been granted licences yet.
RCom separately was granted a licence to offer global system for mobile communications (GSM)-based phone services in October after the government decided to allow companies to use ‘dual’ wireless technologies for mobile phone services. More than 87% of RCom customers are serviced on networks running on competing code division multiple access (CDMA) technology. Reliance Telecom Ltd, a unit of RCom, runs a relatively small GSM-based operation and has almost 5 million customers. Meanwhile, PTI reports that Anil Ambani-led RCom is believed to have filed a caveat in the Delhi high court to ensure the court hears its side if rival GSM-based mobile operators challenge a Wednesday decision on use of dual wireless technologies and spectrum allocation.
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First Published: Fri, Dec 14 2007. 11 08 PM IST