Reliance Jio bid to scupper bailout

Reliance Jio has turned up the heat on its rivals, Airtel and Vodafone, by trying to scuttle the possibility of a government-funded bailout package for the two telecom giants.

The Mukesh Ambani-owned company has written to telecom minister Ravi Shankar Prasad in an effort to torpedo any bailout package for the two legacy telecom players who have been left gutted by an adverse Supreme Court verdict on licence fee dues.

Last week the apex court had upheld the validity of the telecom department’s notices to 15 telecom players demanding payment of overdue licence fees running into Rs 92,600 crore, inclusive of penalties and interest. It ordered the telecom companies to pay their dues in three months and submit proof of compliance with the court.