Reliance likely to make bid for RCom and its related companies today

Bharti Airtel also likely to reconsider its decision and bid

Having asked for a 10-day extension from a Resolution Professional, Mukesh Ambani’s Reliance group is expected to make a bid for his brother Anil Ambani’s Reliance Communications (RCom) and its related companies on Monday.

The companies are up for grabs as going concerns from the Anil Ambani stable under the Insolvency and Bankruptcy Code (IBC) process. They include RCom, Reliance Telecom (which has the spectrum), and Reliance Telecom Infrastructure which houses the tower and fibre assets. Rcom also has subsidiaries which control its real estate and data centre businesses. The bids close on Monday and it is expected that the committee of creditors will open them on the same day for discussions.

The structure of how the bid will be made is not clear as, under the regulatory rules, a bid by Reliance Jio (which is not a listed entity) acquiring RCom (a listed entity) would require the former to merge the latter. Yet that is clearly not acceptable to the group which is looking at coming out with a separate IPO for Jio. An e-mail to Jio elicited no response. It is also expected that Bharti Airtel, which had complained to the Resolution Professional that the extension given to Mukesh Ambani was unfair and had withdrawn its offer, might reconsider and also bid.

The others expected to put in bids include US-based PE fund Varde Partners, I Squared Capital (for Reliance Communication’s data centres and optic fibre assets), and Delhi-based UV Asset Reconstruction Company. The latter had earlier won its sole bid for the Aircel group (which was also under the IBC) for Rs 150 crore. Bharti had already earlier announced that it would be making a conditional bid through Bharti Airtel and Bharti Infratel. A Bharti spokesperson had at that time confirmed that it had made a conditional bid primarily for the spectrum — a precious asset…

Former Twitter employees charged with spying on users for Saudi Arabia

The lawsuit comes as US-Saudi relations continue to suffer strains over the brutal, Riyadh-sanctioned murder one year ago of Saudi journalist Jamal Khashoggi

Two former Twitter employees and a third man were charged in San Francisco Federal Court with spying on Twitter users critical of the Saudi royal family, the US Justice Department has announced.

The two Saudi citizens and one US citizen allegedly worked together to unmask the ownership details behind dissident Twitter accounts on behalf of the government in Riyadh and the royal family, the department said on Wednesday.

1 According to a court filing, they were guided by an unnamed Saudi arabia official who worked for someone prosecutors designated “Royal Family Member-1,” which The Washington Post reported was Saudi Crown Prince Mohammed bin Salman. Those charged were Twitter employees Ali Alzabarah and Ahmad Abouammo, along with Ahmed Almutairi, a marketing official with ties to the royal family.

“The criminal complaint unsealed today alleges that Saudi agents mined Twitter’s internal systems for personal information about known Saudi critics and thousands of other Twitter users,” said US Attorney David Anderson. “US law protects US companies from such an unlawful foreign intrusion. We will not allow US companies or US technology to become tools of foreign repression in violation of US law,” he said in a statement.

No relief in sight for telcos: Govt may not waive $13-billion AGR dues

The government’s stand about the health of the industry mirrors comments made by billionaire Mukesh Ambani’s Reliance Jio Infocomm Ltd., which has said it has a ‘divergent view’ from its rivals

India won’t back down from collecting $13 billion of past dues from debt-laden telecom carriers because the industry is not under stress, a government official with knowledge of the matter said, a move that could deepen Bharti Airtel Ltd. and Vodafone Idea Ltd.’s financial woes.

India expects the carriers to pay up within 90 days as ordered by the Supreme Court last month, the official said, asking not to be identified, as the discussions are private. A panel of top bureaucrats could look at deferred payment plan for some of the dues, the person said.

The government’s stand about the health of the industry mirrors comments made by billionaire Mukesh Ambani’s Reliance Jio Infocomm Ltd., which has said it has a “divergent view” from its rivals. High fees, frequent flip-flops and endless tax demands over the years have driven most operators aground. From over 10 operators few years ago, India has just three non-state players left with two of them saddled with a mountain of debt.

Vodafone Group Plc’s Indian venture has $14 billion worth of obligations, while Bharti Airtel is rated junk by Moody’s Investors Service. “All telecom operators have asked for requisite help in reducing” the financial stress, Vodafone Idea said last month. The “extraordinary scenario” being shown is “just a machination to extract relief,” Reliance Jio said in a letter to the minister of communications on Oct. 31.

Bharti Airtel Ltd. shares fell 1.4 per cent as of 9:46 a.m. in Mumbai today. Vodafone Idea Ltd. lost 7.1 per cent while Reliance Industries Ltd. slid 0.8 per cent. The Sensex was down 0.4 per cent…