DoT seeks info on RJio & arm Infotel’s merger
25 Oct 2014 10:25 PM GMT
The Department of Telecom has sought more details on the proposed merger of Reliance Jio Infocomm and its long distance services arm Infotel.
Reliance Jio Infocomm Ltd (RJIL) had sought DoT's approval for the merger of Infotel Telecom Ltd (ITL) with itself. According to sources, DoT has asked RJIL to provide details about the minimum paid up equity capital as on 1 April for years 2012, 2013 and 2014 and net worth of the company during the same period. The source added RJIL was asked to provide the break-up of its Indian and foreign equities. ‘RJIL was also directed to clarify that why the matter of second transfer or company Rancore Technologies Private Ltd have not been brought up in their request for proposed merger,’ sources said. Rancore Technologies is also a subsidiary of Reliance Industries (RIL).
RIL had announced that it would launch commercial 4G telecom service of RJIL in 2015, entailing investment of Rs 70,000 crore. RIL had said that RJIL would initially cover about 5,000 towns and cities accounting for over 90 per cent of urban India, as well as over 215,000 villages and the target is to expand this to over 600,000 villages.
Reliance Jio Infocomm Ltd (RJIL) had sought DoT's approval for the merger of Infotel Telecom Ltd (ITL) with itself. According to sources, DoT has asked RJIL to provide details about the minimum paid up equity capital as on 1 April for years 2012, 2013 and 2014 and net worth of the company during the same period. The source added RJIL was asked to provide the break-up of its Indian and foreign equities. ‘RJIL was also directed to clarify that why the matter of second transfer or company Rancore Technologies Private Ltd have not been brought up in their request for proposed merger,’ sources said. Rancore Technologies is also a subsidiary of Reliance Industries (RIL).
RIL had announced that it would launch commercial 4G telecom service of RJIL in 2015, entailing investment of Rs 70,000 crore. RIL had said that RJIL would initially cover about 5,000 towns and cities accounting for over 90 per cent of urban India, as well as over 215,000 villages and the target is to expand this to over 600,000 villages.
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