The Department of Telecommunication (DoT) is likely to give its nod to Reliance Communications’ (RCom) spectrum sale to Reliance Jio on Tuesday, a day later than the timeline it had committed to the Supreme Court last week.
According to people familiar with the matter, the delay is because of “last minute paper work” at DoT. RCom, weighed under a debt of Rs 46,000 crore, did not respond to ET’s queries as of press time.
RCom’s entire asset monetisation effort is dependent on DoT’s nod. Once in, it will allow the telco to complete the sale of its airwaves and towers to Jio and real estate parcels to Brookfield and use the funds to pay off a list of creditors, including Sweden’s Ericsson.
On Friday, DoT’s lawyers had assured SC that it would complete its due diligence and give the no objection certificate latest by Monday morning.