Rcom asks IMG to relax rules

Anil Ambani-owned Reliance Communications has written a letter to Inter-ministerial group (IMG) to relax rules around cross-holding and spectrum cap limits.

RCom has asked IMG to do away with 10 percent cross holding norm.

Meanwhile, sources told Gizbot that "IMG has already submitted its report to Minister and by the end of this week telecom ministry is likely to meet the Finance Minister Arun Jaitley."

"The ministry is also planning to give some sops to telcos," sources said further.

The IMG has constituted to suggest reforms in the telecom sector.

The sector is in under pressure due to increasing pressure after the entry Mukesh Ambani-led Reliance Jio and a debt of about Rs. 4.6 lakh crore.

In fact, Telecom Minister Manoj Sinha has recently said that the Government will not shy away from taking the bold decisions.

He said that "An inter-ministerial group has been constituted to study the level of financial stress in the telecom sector and suggest remedial measures, the group is likely to submit its report within a fortnight."

To recall, research firm India Ratings and Research (Ind- Ra) has mentioned in its report that the Indian telecom industry has lost around 20 percent revenue due to free services by Reliance Jio.