Ericsson’s Indian subsidiary files insolvency case against Reliance group
Ericsson wants to recover unpaid dues from three Reliance companies amounting to $180m
Mumbai — Ericsson’s Indian subsidiary has filed insolvency petitions against Reliance Communications and two of its companies to recover unpaid dues, the Indian mobile operator said in a stock exchange filing on Wednesday. The Swedish telecoms equipment maker, which signed a seven-year deal in 2014 to operate and manage Reliance’s nationwide network, is seeking a total of 11.55-billion rupees ($180m) from the three companies, the filing said. Reliance said it planned to challenge the insolvency petitions. The filing said the Ericsson case would go before the national company law tribunal, the designated court for bankruptcy cases in India, on September 26. "Ericsson has done this as a last resort to resolve an issue regarding debt that Reliance owes to Ericsson for services provided under a contract. As the legal process is ongoing, we don’t have any further comments at this point," the Swedish company said. The petitions come as Reliance, controlled by billionaire Anil Ambani, race...
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