Tech Mahindra withdraws insolvency case against RCom: Report

Tech Mahindra has reportedly withdrawn its insolvency case against Reliance Communications (RCom) from the National Company Law Tribunal (NCLT) in favour of a mutual, out-of-court settlement. The company’s withdrawal brought relief for RCom, which is reeling under Rs 45,000 crore debt and is on verge of shutting a major part of its wireless operations.

Tech Mahindra is a leading provider of solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra. The company, since 2002 has operations in China with offices in Beijing, Shanghai, Nanjing and Guangzhou.