Reliance Communications Ltd Share Price

History of Reliance Communications Ltd

Reliance Communications Limited (RCOM) is the flagship Company of Reliance Anil Dhirubhai Ambani Group, India's third largest business house with around 1.2 billion subscribers. RCOM is a telecommunication service provider with businesses in India National / International Long Distance (NLD) business. RCOM serve nearly 1960 Indian corporations, including, regional and domestic carriers. Apart from this, RCOM provides Wireline & Wireless Telecom services to the Business and Government segments. These include a comprehensive portfolio spanning Network Connectivity, Enterprise Voice, Cloud Telephony, Access Number Services, Collaboration Services, Wholesale Voice &Value Added Service (VAS). It currently serves nearly 1,960 businesses of all sizes from multinational conglomerates to SMEs-be ...longing to almost every vertical: BFSI, Manufacturing, Logistics, Healthcare, IT &ITeS, OTT and New Media. The company offers the most comprehensive portfolio of enterprise voice, data, video, internet and IT infrastructure services catering to large, medium and small enterprises for their communications, networking and IT infrastructure needs. Their product portfolio includes national and international private leased circuits, broadband internet access, audio solutions including Centrex, toll free services, voice VPN, video conferencing , MPLS-VPN, remote access VPN, Global MPLS VPN managed internet data centre (IDC) services to name a few. The company operates nationwide Direct-to-Home satellite TV services under its wholly owned subsidiary, Reliance Big TV Limited (Big TV). They formed an alliance with Polycom Inc., the global leader in tele-presence, video and voice solutions, to introduce world's first wireless, high-resolution video and CD-quality audio, conferencing service along with simple-to-use content sharing capabilities - at a bandwidth speed of 256 kbps at any place. They own and operate the world's largest next generation IP enabled connectivity infrastructure, comprising over 2,77,000 kilometers of fibre optic cable systems in India, USA, Europe, Middle East and the Asia Pacific region. Reliance Communications Limited was incorporated on July 15, 2004 as a Private Limited Company with the name of 'Reliance Infrastructure Developers Pvt Ltd.' On July 25, 2005, the Company was converted into Public Limited and the name was changed to Reliance Infrastructure Developers Limited. During the year, the company altered the objects clause of the memorandum of association to carry on the business of telecommunication, infrastructure, telecommunication system, telecommunication network and telecommunication services. On August 3, 2005, the Company changed the name to Reliance Communication Ventures Limited and subsequently to Reliance Communications Limited on June 7, 2006. In August 11, 2005, the equity shares of the company were acquired by Reliance Industries Ltd and thus the company became the wholly owned subsidiary of Reliance Industries Ltd. As per the scheme of arrangement, all the properties, investments, assets and liabilities related to Telecommunication Undertaking of Reliance Industries Ltd was transferred and vested in the company on a going concern basis with effect from December 21, 2005. As a result of a Scheme of Arrangement with Reliance Industries Limited, the Company became the holding Company of minority interests in the telecommunications companies formerly controlled by Reliance Industries Ltd. It restructured the telecom businesses by realigning the economic ownership of various businesses into the Company. Under a Scheme of Amalgamation and Arrangement which became effective from September 12, 2006, inter alia, Reliance Infocomm Ltd, Ambani Enterprises Pvt Ltd, Reliance Business Management Pvt Ltd, Formax Commercial Pvt Ltd, Reliance Communications Technologies Ltd, Reliance Software Solutions Pvt Ltd, Reliance Communications Solutions Pvt Ltd and Panther Consultants Pvt Ltd were amalgamated with the company and the and Network division of Reliance Communications Infrastructure Ltd was de-merged to the company. Upon the Scheme of Amalgamation and Arrangement all the subsidiaries of erstwhile Reliance Infocomm Ltd, Reliance Infocomm Infrastructure Pvt Ltd, Reliable Internet Services Ltd and Campion Properties Pvt Ltd including the subsidiaries of Reliance Communications Infrastructure Ltd, Reliance Telecom Ltd and Flag Telecom Group Ltd became the subsidiaries of the company. During the period 2006-07, Paradox Studios Ltd, Reliance Digital World Ltd and NIS Sparta Ltd ceased to be subsidiaries of the company and Gateway Net Trading Pte Ltd, Reliance Communications (Singapore) Pte Ltd, Reliance Communications (Hong Kong) Ltd, Reliance Communications (New Zealand) Pte Ltd, Reliance Communication (Australia) Pty Ltd. RCOM Malaysia SDN BHD, Synergy Entrepreneur Solutions Pvt Ltd and Reliance Next Generation Technology Pvt Ltd became subsidiaries of the company. During the year 2007-08, Reliance Tech Services Pvt Ltd, Reliance Big TV Ltd, Yipes Holdings Inc, Reliance Globalcom Services Inc, Yipes Systems Inc, YTV Inc, Anupam Globalsoft (U) Ltd, Lagerwood Investments Ltd and Reliance Telecom Infrastructure (Cyprus) Holdings Ltd became the subsidiaries of the company. While, Flag Projects Pte Ltd, Alsign Holdings Pte Ltd, Actaram Capital Pte Ltd, Reliance Telephones Ltd and Gateway Net Trading Pte Ltd ceased to be subsidiaries of the company. As per the scheme of arrangement amongst the company, Reliance Telecom Limited (RTL) and Reliance Infratel Limited (RITL), the passive infrastructure of the Company and RTL was de-merged and vested into RITL, with effect from April 10, 2007. The group structure involving various subsidiaries of the company was reorganized during the year. Consequently, Reliance Infoinvestments Ltd and Synergy Entrepreneur Solutions Pvt Ltd amalgamated with Reliance Communications Infrastructure Ltd with effect from July 23, 2007 and September 1, 2007 respectively and Reliable Internet Services Ltd amalgamated with Reliance Telecom Ltd with effect from September 29, 2007. FLAG Telecom USA Ltd was merged with Yipes Holdings Inc. with effect from December 17, 2007. During the year, the company acquired Uganda-based company Anupam Globalsoft (U) Ltd, holding Public Infrastructure Provider License and Public Service Provider License to offer Mobile, Fixed Line, Internet, National and International Long Distance services, in addition to WiMax and Wifi services, marking their entry in Uganda In April 2008, they also acquired controlling stake in Reliance WiMax World Limited (formerly eWave World Limited), a UK headquartered company focused on the rapidly developing market for wireless telephony services using the WiMAX technology standard. During the year 2008-09, the company launched GSM services in 14 service areas and commenced commercial operations. They received start-up spectrum to launch GSM services from Department of Telecommunications (DoT) under their existing Unified Access Service License (UASL) in 14 service areas. Reliance Big TV Ltd, a wholly owned subsidiary of the company launched fully Digital Home Entertainment Direct To Home (DTH) Service on the most advanced MPEG 4 DTH Platform. During the year, Reliance Vanco Group Ltd and their subsidiaries, Reliance WiMax World Ltd and Gateway Net Trading Pte Ltd became the subsidiaries of the company. While, FLAG Telecom France Network SAS, FLAG Telecom France Services EURL, FLAG Telecom Korea Ltd and FLAG Telecom Espana SA ceased to be subsidiaries of the company. The company rolled out their fastest Wireless Internet service, 'Reliance Netconnect Broadband Plus', with a downlink speed of up to 3.1 Mbps. This makes Netconnect Broadband Plus best suited for video streaming, video surveillance, rich media content and superior Internet browsing. The company through their wholly owned subsidiary, Reliance Communications Infrastructure Ltd, formed a joint venture with Krishak Bharati Cooperative Ltd (Kribhco), a premier co-operative society with an unparalleled marketing network in rural India. The company made a tie up with Flytxt, a leading technology provider, for the implementation of an integrated carrier-class mobile marketing software platform called Neon on the RCOM Network. Also, they made a tie up with SAS for better business intelligence and analytics and AMDOCS for Customer Self Service systems. During the year 2009-10, Global Innovative Solutions Pvt Ltd, Reliance WiMax D.R.C. B.V, Reliance WiMax Gambia B.V. Reliance WiMax Mauritius B.V., Reliance WiMax Mozambique B.V, Reliance WiMax Niger B.V., Reliance WiMax Zambia B.V., Access Bissau LDA became the subsidiaries of the company. While, Reliance Mobile Ltd and Vanco (India) Pvt Ltd ceased to be subsidiaries of the company. As per scheme of arrangement between the company and Reliance Infratel Ltd, the Optic Fiber Undertaking of the company was de-merged and transferred to Reliance Infratel Ltd with effect from April 1, 2008.Also, Reliance Gateway Net Ltd, a wholly owned subsidiary of the company amalgamated with the company with effect from July 13, 2009. During the year, the company won the prestigious Global World Communication Awards 09, held in London. They also won this award in the Best Device Category where they participated with a new network device, developed with CISCO. The company was the only Indian company to win an award at WCA 09. The company received the Frost and Sullivan Market Share Leadership award for 'Data Center and Managed Services' category (FY 2009). They also received INFOCOMM - CMAI National Telecom Award for the 'Largest Telecom Network' category, presented by Secretary, DoT and Chairman, Telecom Commission. During the year 2010-11, the company along with its wholly owned subsidiary, Reliance Telecom Ltd (RTL) was awarded 3G spectrum in 13 out of 22 telecom circles, at a price of 85,850 million. The company is one among the only 3 operators who won in 13 circles, the highest circle coverage for any existing player. The company won in all the 3 metros namely Mumbai, Delhi and Kolkata and also in all those circles in which the Company has GSM incumbents. In December 13, 2010, the company became the first operator to offer 3G services to customers in top 3 metro circles namely Mumbai, Delhi and Kolkata. During the year, Flag Pacific Ltd, Flagweb Ltd, Flag Telecom Belgium Network SA, Vanco ApS, Vanco Hongkong Solutions Ltd, Vanco Net Direct Limited UK, RCOM Malaysia SDN. BHD, Yipes Systems Inc and Flag Access India Pvt Ltd ceased to be subsidiaries of the company. In June 20, 2010, the Company approved a proposal to acquire Digicable, India's largest Cable TV service provider to be renamed as 'Reliance Digicom'. Integration of the company's DTH, IPTV, retail broadband businesses along with Digicable acquisition will make the Company India's/ Asia's largest and the world's 5th largest digital TV and ultra high-speed broadband service provider. The Company is awaiting regulatory approvals for completing this transaction. In March 9, 2011, the company signed facility agreement with China Development Bank (CDB) which includes Rs 6,000 crore for refinancing 3G spectrum fee payment by the company and Rs 2,700 crore for equipment imports from Chinese Vendors by the company and Reliance Telecom Ltd. During the year, Reliance Mobile Commerce Limited became the wholly owned subsidiary of the company. Reliance Communications Maharashtra Pvt Ltd became the wholly owned subsidiary of the company through Reliance Telecom Ltd (RTL) during the year and merged into RTL, with effect from May 25, 2011. Global Innovative Solutions Pvt Ltd, a wholly owned subsidiary of the company was amalgamated with the company with effect from May 25, 2011. The appointed date was April 1, 2010. Reliance Global IDC Ltd, a wholly owned subsidiary of Reliance Infratel Ltd (RITL) merged with RITL with effect from May 25, 2011. The appointed date was January 1, 2011. Also, Matrix Innovations Ltd, a wholly owned subsidiary of Reliance Communications Infrastructure Ltd (RCIL) merged with RCIL. The appointed date was April 1, 2010. In January 2012, the company acquired AnComm, creator of Talk About It, the anonymous communication service that allows students to speak up by engaging in text message or email dialogue with trusted school staff members. In 2012, the company ties up refinancing for redemption of outstanding FCCBs of USD 1.18 Billion (Rs. 6125 Crs). The company signs definitive final Agreements with Industrial and Commercial Bank of China Ltd. (ICBC). The company partners with Big Flix to provide movies to its 3G subscriber. The company also signed the final definitive agreements with ICBC, CDB and EXIM for refinancing its outstanding Foreign Currency Convertible Bonds (FCCBs). The company has launched partnership with WhatsApp, a cross platform mobile messaging application, for its prepaid GSM users and students called WhatsApp Plan and My College Plan respectively. In 2013, the company entered into a billion dollar contract with Alcatel-Lucent in a bid to improve network performance and customer experience to offer Next Generation telecom solutions across multiple devices and platforms. The company launches first of its kind customer delight program in India. Reliance Communications and Ericsson sign USD 1 billion managed services contract for wireline and wireless networks for North and West India. Reliance Globalcom Upgrades Trans-Atlantic FA-1 South Submarine Network to 100G with Ciena GeoMesh. Reliance Globalcom delivers first circuit to Mobily on newly launched Hawk cable system -Reliance Communications partners with Twitter in India. In 2014, Reliance launches 'Free Facebook Fridays'. RCOM Launches Disruptive Hi-Speed Unlimited Data Plans. RCOM Unveils 'TalkLoan' Facility to Ensure Uninterrupted Calling, Surfing for its Customers. Reliance Communications Unveils Bouquet of Game-Changing Enterprise Products & Services. Reliance Jio Infocomm and Reliance Communications sign Master Services Agreement for sharing of RComs city Fiber Infrastructure. R Com expands 3G services to 18 circles. In 2015, Reliance Communications Realigns Business Units Expands Role of Global Cloud Xchange. RCOM Launches Next-Generation Content and Cloud Delivery Network in Five Cities Across India. Reliance Commu.Ltd Reliance and Jasper Partner to Deliver IoT Services Across India and Make Smart Cities a Reality. Reliance Communications has signed a non-binding Term Sheet with Tillman Global Holdings, LLC and TPG Asia, Inc. During the year 2016, Internet Exchangenext.com Limited, Worldtel Tamilnadu Private Limited and Realsoft Cyber Systems Private Limited became the subsidiaries of the Company. RCOM got approval from DoT on April 7, 2016, for liberalization of its administratively allocated 800 MHz spectrum in 16 LSAs (applied for 20 LSAs) applied in July 2015, where auction determined price was available. These circles include; Andhra Pradesh, Bihar, Delhi, Gujarat, Haryana, Himachal Pradesh, Jammu and Kashmir, Kolkata, Madhya Pradesh, Maharashtra, Mumbai, Odisha, Punjab, Uttar Pradesh-East, Uttar Pradesh-West and West Bengal. For the remaining 4 circles viz. Karnataka, Kerala, Tamilnadu and Rajasthan, approvals have been received in May 2016. RCOM has intimated DoT on October 1, 2015 regarding its Sharing of spectrum with Reliance Jio in 7 circles viz. Bihar, Haryana, Madhya Pradesh, Himachal Pradesh, Uttar Pradesh-East, Mumbai and Odisha in 800 MHz band. RTL also intimated DoT on January 20, 2016, regarding Sharing of 800 MHz spectrum in North East and Assam circles which were acquired through Auction in March, 2015. In FY16, RCOM had intimated DoT regarding Trading part of its spectrum in 800 MHz band in 9 LSAs on January 20, 2016, which after liberalization, has taken place for this administratively allocated spectrum in service areas viz. Delhi, Uttar Pradesh-East, Uttar Pradesh-West, Punjab, Maharashtra, Gujarat, Kolkata, West Bengal and Andhra Pradesh. RTL on expiry of its UAS Licenses on December 11, 2015, obtained Unified License (UL) with Authorization to provide services in 7 service areas viz. Assam, Bihar, Himachal Pradesh, Madhya Pradesh, North East, Odisha and West Bengal, which is effective from December 12, 2015. This is as per the Guidelines for Grant of UL, which mandates migration to Unified License on expiry of current license, to ensure continuity of services. On obtaining UL covering these 7 service areas of RTL, the company is able to continue services to customers using existing 2100 MHz band and 900 MHz/1800 MHz bands acquired in March, 2015 Auction. In FY16, RCOM had launched the MyStore *129# portal, a one stop mall for subscribers to choose single/multiple pack from the list and enjoy calls at best rates, get higher talk time, higher data benefits along with personalised offerings for each subscriber under special offers.Similar to the successful 'TalkLoan' facility that was launched in FY15; a unique 'DataLoan' facility for prepaid customers was introduced. This can be utilized when prepaid customers' data quota falls below 10 MB. A DataLoan of 60 MB can be availed at a time, at a nominal price of Rs 10 and validity of 2 days. Data is instantly credited to customers' account. Customer is charged Rs 10 + Rs 2 convenience fee, which is recovered, post their next talktime recharge. The 60 MB data is radio-agnostic and works on both 3G/2G. In FY16, the Company launched a unique proposition giving unlimited calls free to any local and STD Reliance number from home circle and also during national roaming. Calls made to any landline (Local and STD) are free from both home and roaming location. Unlimited on net and landline is coupled with free daily entitlement of 30 min for all off-net calls. Incoming calls during roaming are also free. In FY16, RCOM had introduced smartphones with 4G, 3G and EVDO compatibilities. These smartphones are available across different brands such as TCL, Gionee and HTC at very attractive price points. Existing CDMA subscribers were encouraged to upgrade to these smartphones and experience data speeds on EVDO immediately and be first to try 4G services on its launch. During the year 2016, RCOM signed the definitive documents for demerger of Sistema's Indian wireless business, carried on by Sistema Shyam Teleservices Ltd. (SSTL) into RCOM. RCOM will acquire approx. 9 million customers and approx. Rs 1,500 crore of annual revenues by virtue of this transaction. In addition, it will acquire SSTL's 800 / 850 MHz band spectrum, ideally suited for 4G services, to complement its own unique nationwide footprint of 800 / 850 MHz spectrum. This will extend RCOM's spectrum validity in 8 important circles to 2033. In FY16, Reliance Jio Infocomm Limited (Reliance Jio) and RCOM have signed agreements for comprehensive nationwide spectrum sharing and trading arrangement in the 800MHz band. Access to enhanced spectrum footprint in the 800 MHz band will complement Reliance Jio's best-in-class LTE services rollout, providing increased network coverage and superior service quality. RCOM's customers will benefit from access to Reliance Jio's world-class nationwide 4G networks under the reciprocal sharing and ICR agreements. In FY16, RCOM and Jasper announced partnership to enable enterprises throughout India to launch, manage and monetise Next-Generation IoT businesses. This collaboration uses Reliance's Cloud X and Jasper Control Center platforms to empower enterprises to deliver IoT services. Reliance is Jasper's sole telecom partner in India. This partnership pairs the capabilities of Reliance's data center facilities and its Global Cloud Xchange (Cloud X) platform with Jasper's global IoT services platform to enable enterprises to capitalize on IoT services. This marks yet another step forward in delivering the infrastructure and IoT platform required to facilitate the diverse array of projects under the Government of India's 'Digital India' initiative. Broadcast Media Communications (BMC) has successfully deployed BMC Global Media Network across GCX Cloud X nodes in Palo Alto (California), Hong Kong and London, offering media companies global access and full workflow orchestration through the Broadcast as a Service (BaaST) Suite of software solutions by BMC in FY16. In FY17, a Scheme of Arrangement for transfer and vesting of Wireless Telecom Business Undertaking of Sistema Shyam Teleservices Limited (SSTL) into the Company was approved by the Hon'ble High Court of Judicature at Bombay on October 7, 2016 and by Hon'ble Rajasthan High Court on September 30, 2016. The Appointed date is the Effective date. The Scheme is also approved by the Department of Telecommunications, subject to fulfillment of certain conditions. Upon fulfillment of said conditions, the Scheme will be made effective and the Company will be required to allot 27.65 crores equity shares of Rs. 5/- each of the Company to SSTL, which is 10% of the diluted equity share capital of the Company. In FY17, the Board had approved the demerger and transfer of Wireless Business, including (i) the investments held by the Company in its indirect wholly owned subsidiary companies, Reliance Communications (Hong Kong) Limited, Reliance Communications (UK) Limited, Reliance Communications Inc. USA, Reliance Communications International, Inc. and Reliance Communications Canada, Inc., (ii) the wireless telecom business undertaking of the Company and Reliance Telecom Limited (RTL)(a wholly owned subsidiary of the Company) to Aircel Limited (AL) and Dishnet Wireless Limited (a wholly owned subsidiary of AL) (DWL), by way of Scheme of arrangement of demerger among the Company, RTL, AL, DWL, South Asia Communications Pvt Ltd, Deccan Digital Networks Pvt Ltd and their respective shareholders and creditors on September 14, 2016. Under terms of Scheme, upon completion of the Scheme, the Company will be issued and allotted such number of equity shares of AL which will constitute 50% of the fully diluted paid up equity share capital of AL. The Company has received approval from the Shareholders and have filed petition to the National Company Law Tribunal (NCLT). The Company has also received approval of the Competition Commission of India. During the year 2017, Aircom Holdco B.V., The Netherlands and Towercom Infrastructure Private Limited became the subsidiaries of the Company.In FY17, Company signed the Definitive Agreements with Brookfield, a leading global infrastructure asset manager with over $250 billion of assets under management, in December 2016 in relation to proposed transfer of Reliance Infratel Limited's (RITL) nationwide tower assets and related infrastructure. The Transaction has received the shareholders and Competition Commission of India's (CCI) approval. The scheme petition has been filed with the National Company Law Tribunal (NCLT). The Lenders of Reliance Telecom Limited, a wholly owned subsidiary and Reliance Infratel Limited, a subsidiary company, have also invoked the Strategic Debt Restructuring (SDR) plan with Reference Date as June 2, 2017 in accordance with guidelines issued by Reserve Bank of India and have constituted a Joint Lenders' Forum (JLF). In October 2016, DoT conducted Auction of Spectrum in 700 / 800 / 900 / 1800 / 2100 / 2300 / 2500 MHz bands. A total of Seven Operators applied for bidding in the Auction. b. Approximately 3790 MHz (unpaired) of spectrum was put for Auction. No bids were put for spectrum in 700 MHz and 900 MHz bands. Approximately 1240 MHz (unpaired) of spectrum was sold in the balance of the spectrum bands. c. RCOM acquired 5 MHz (paired) Spectrum in 1800 MHz band in Jammu & Kashmir service area. On August 12, 2016, DoT issued orders revising Spectrum Usage Charges (SUC) for the spectrum held by the Operators in 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz and 2500 MHz bands. Accordingly, i. SUC for Spectrum acquired in auction of October 2016 is to be charged at the rate of 3% of Adjusted Gross Revenue (AGR) excluding the revenue from wire-line services. ii. The weighted average of SUC rates across all spectrums assigned to an operator shall be applied subject to a minimum of 3% of AGR excluding revenues from wire-line services. b. On August 26, 2016, DoT issued amendment for removing the requirement of reporting the revenue from 2300 MHz band independently / separately. On September 30, 2016, DoT / WPC issued an Office Memorandum for allotment of Residual spectrum to the TSPs who had acquired 1.25 MHz, 2.5 MHz and 6.25 MHz in 1800 MHz band in the auction held in November 2012. b. Spectrum ranging from 0.05 MHz to 0.15 MHz will be assigned, to the interested TSPs, prorated for balance validity at the latest auction determined price (SBI PLR to apply for rates beyond 1 yr) available at the time when the TSP wants to acquire this spectrum. Pursuant to obtaining approvals from High Courts of Rajasthan and Mumbai, RCOM and SSTL submitted joint applications to DoT on November 4, 2016 seeking final approval of the Scheme regarding Acquisition of Telecommunication business of SSTL. Other necessary Clearances from Stock Exchange, BSE, NSE and CCI have also been obtained in FY17. Post granting of approvals from Stock Exchanges, BSE, NSE and CCI, a joint application, by RCOM and Aircel, has been submitted to DoT on April 5, 2017 intimating their proposed demerger, transfer process and filing of the Scheme of Arrangement. The Scheme has also been filed with National Company Law Tribunal (NCLT) Mumbai Bench and the same has been admitted for final hearing. In FY17, RCOM and GCX launched CLOUD X WAN - a global SD WAN Solution for Enterprises. Cloud X WAN, the latest addition to the CLOUD X portfolio, is a Cloud-centric network platform designed to help overcome many of the challenges facing today's global enterprise networks, offering an affordable solution which embraces flexibility, scalability and enhanced security. Cloud X WAN is an evolution of GCX's existing hybrid WAN service which already connects more than 20,000 locations to a global MPLS network via the Internet. In FY17, Reliance launched Spottr an innovative location based service to empower customers to ascertain safety and security of near and dear ones while they are mobile. With this service, an RCOM customer can find location of upto five RCOM mobile numbers anywhere in India after securing consent from them. There are multiple utility scenarios for the service, like parents knowing location of kids returning from school, friends returning from a party, travel location of elderly parents, or SMEs tracking field-force. The service is available on USSD as well as on WAP for the entire gamut of customers having feature-phones or smart-phones. Subscription to this service was made available at a very nominal subscription fee. In FY17, GCX in collaboration with Microsoft added Microsoft Azure ExpressRoute via GCX's CLOUD X Fusion with the ability to establish additional interconnections across multiple locations and offer enterprise customers secure and seamless access to the rapidly growing public cloud ecosystem. Through the interconnection of CLOUD X Fusion and Microsoft Azure ExpressRoute, customers will benefit from added flexibility and global reach to be more competitive as GCX also looks at new opportunities from the Digital India' initiatives. In FY17, GCX signed a strategic partnership with PLDT, the leading telecom services provider in the Philippines, to support its global expansion plans through delivery of service requirements in Asia, Middle East and Europe. During FY17, GCX partnered with Cornell University's electrical and computer engineering department to test and implement a breakthrough technology for dynamic, optimal routing, providing Cornell with a live production environment for deploying and testing the new traffic control solutions. The environment includes the GCX Cloud X nodes and Layer 2 / Layer 3 networks across multiple locations in North America, Europe, and Asia. The virtual machines at each of the cloud nodes are fully interconnected via the GCX network. In FY17, GCX and Broadcast Media Communications (BMC UK) together delivered an end-to-end connectivity solution for the Slovenia vs England 2018 FIFA World Cup qualifying match on October 11, 2016, from Slovenia's Stozice Stadium, Ljubljana to ITV London studios. The broadcast from Slovenia to ITV London studios included an end-to-end network solution with fast, dedicated and reliable connectivity, as well as active monitoring of the transmission over GCX's Global Network to ensure consistent broadcast quality for European audiences. The lenders of the Company and its subsidiaries namely Reliance Telecom Limited and Reliance Infratel Limited (RCom Group) at their meeting held on June 2, 2017 constituted a Joint Lenders Forum ('JLF') with State Bank of India as the Convener, and invoked the SDR Scheme for RCom Group, in accordance with the then guidelines issued by RBI. During the year under review, Hon'ble National Company Law Tribunal (NCLT), Mumbai had, overruled the objections of the Company and lenders represented by State Bank of India as lead member, vide its order dated May 15, 2018 and admitted applications filed by an operational creditor for its claims against the Company and its subsidiaries - Reliance Telecom Limited (RTL) and Reliance Infratel Limited (RITL), thereby admitting the Company, RTL and RITL to debt resolution process under the Insolvency and Bankruptcy Code, 2016 (IBC). As a consequence, Interim Resolution Professionals (IRPs) were appointed in the Company, RTL and RITL vide NCLT's orders dated May 18, 2018. The Company along with the lenders filed an appeal before Hon'ble National Company Law Appellate Tribunal (NCLAT) challenging the orders of NCLT admitting the Company to IBC proceedings. The Hon'ble NCLAT, vide its order dated May 30, 2018, stayed the order passed by NCLT and consequently, the Board stands reinstated.RCOM launched Reliance Branch Connect'-India's first 4G Enterprise Virtual Private Network (VPN) solution-designed to help businesses quickly extend their corporate network to sites virtually anywhere in the country. In FY18, RCOM completed the building construction of its newest data center, IDC 5, a massive over-450000-sq-ft hyper-scale facility at Dhirubhai Ambani Knowledge City, Navi Mumbai. Slated to be operational soon. In FY18, GCX entered into an agreement with Alibaba Cloud, the cloud computing arm of Alibaba Group, to provide direct access to Alibaba Cloud Express Connect via GCX's CLOUD X Fusion in Singapore, offering enterprise customers robust Cloud solutions to drive new business opportunities. In 2017, that partnership also extended to providing connectivity solutions to Alibaba Cloud on their India expansion initiatives. Through GCX's extensive global network and its comprehensive product portfolio, CLOUD X Fusion provides seamless, low-latency connectivity across developed and emerging markets in the US, Europe, the Middle East and Asia, which gives enterprises security, reliability and predictability as they connect to Alibaba Cloud services on a dynamic usage-based consumption model. P&O Maritime, a fully owned subsidiary of Dubai-based DP World, announced an expansion of its partnership with GCX by adding more sites to its expansive GCX-managed Global WAN, including Papua New Guinea followed by more locations throughout Europe and UAE in 2018. GCX delivers a fully managed end-to-end Hybrid Network Solution connecting many worldwide P&O Maritime sites; many of these are located in regions with a difficult telecommunications environment such as Mozambique, Argentina and Paraguay.In June 2017, GCX announced a new partnership with data center provider Sovereign Business Integration Group (Sovereign) to offer enterprises global connectivity via a direct interconnection between Sovereign's Tier III standard data center facility in North London and the GCX Global Network. Enterprises looking to globalize their offerings can now co-locate and host their business-critical IT infrastructure smooth, fast and securely at Sovereign's ISO 27001-certified facility and benefit from simplified access to the GCX connectivity, Cloud and managed network services. During FY18, GCX announced a partnership with Safe Host, a leading data center collocation provider in Switzerland for direct access from its data centers in Switzerland to fast-growing digital markets across the Emerging Markets corridor through GCX's global network infrastructure. The partnership enables Swiss enterprises to tap business opportunities in the fast growing emerging markets over its Global Network as well as leading Cloud providers via GCX CLOUD X platform. In October 2018, GCX announced that it had interconnected with PacketFabric to provide 100G transAtlantic service from New York to London, via the FA-1 North submarine cable system. This deal with GCX will enable PacketFabric-which offers scalable, real-time connectivity services between any two or more points on its fabric-to expedite its expansion plans in Europe. GCX's FA-1 North submarine cable system connects the United States, the UK and France. The Wireless Undertaking of Reliance Telecom Limited, a wholly owned subsidiary company, was demerged into the Company on June 24, 2016. In 2025, Reliance Communications (RCOM) remained under the Corporate Insolvency Resolution Process (CIRP), facing financial and legal challenges, including major Indian banks like Bank of Baroda and SBI classifying its loans as 'fraud,' leading to investigations by the Enforcement Directorate (ED) and CBI. The Company has ongoing insolvency proceedings while its shares traded at historic lows, with ongoing management of assets and creditor meetings, all while operating its niche enterprise services. With effect from June 28, 2019, its affairs, business and assets are being managed by, and the powers of the Board of Directors are vested in, the Resolution Professional (RP), Mr. Anish Niranjan Nanavaty, appointed by Hon'ble National Company Law Tribunal, Mumbai Bench, vide order dated June 21, 2019.