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Billionaire Reliance Jio Infocomm Mukesh Ambani said Bharti Airtel can easily raise Rs. 40,000 crore

Reliance Jio Infocomm Limited Billionaire Mukesh Ambani has.opposed any move by the government to provide financial relief to rival telecom operators, which have been ordered to pay $7 billion in past liabilities, Said they had adequate funding facilities.

Bharti Airtel Limited. can easily deposit Rs. 40,000 crore ($5.7 billion) by selling some of its assets or shares, while Vodafone Idea Ltd has no dearth of resources to pay the government its dues, Reliance Jio said in a statement dated November 1 and issued Sunday. The Supreme Court had last month ordered Bharti and Vodafone Idea to pay in the value of Indian currency Rs 49,990 crore.

Kapoor Singh Guliani, president for regulatory affairs at Reliance Jio, said in the letter, If Bharti Airtel Ltd, liquidates “small parts of its assets or issues 15% to 20% new equity,” in its Indus Tower business it can easily raise the funds, Vodafone India also has stake in Indus Towers, “He said there was no shortage of resources to pay his dues”.

Bharti Airtel’s tower business operates more than 1,63,000 mobile-phone towers across all over India.

The letter addressed to the telecom minister comes after a government panel agreed to examine Bharti Airtel, controlled by billionaire Sunil Mittal, and Vodafone Demands Spectrum Use Taxes and Universal Service Reduce Fund Charges

The two carriers are struggling, with Vodafone Idea, led by billionaire Kumar Mangalam Birla, posting net losses of 11 straight quarters and Bharti slipping into its first-ever loss in the June quarter.

Reliance is separately cited by a Supreme Court verdict that the spectrum as a finite resource and its distribution should not be made in a manner that is detrimental to public interest.

All operators were sold to deposit mandated Payments Immunizations with in three-month time period, this mandated by the court, Reliance Syed.

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