Reliance Communications invested Rs 30 crore in Swan Telecom

Anil Ambani may not know Swan Telecom. But Reliance Communications had an investment of Rs 30.28 crore in Swan Telecom, as per annual report of 2007-08.

The annual report was signed — on 30 April 2008 — by Anil Ambani in the capacity of chairman of Reliance Communications.

The investment details are available in page #87. This correspondent accessed the pdf of the balance sheet which is available on the website of Reliance Communications.


Reliance Communications investment details in Swan Telecom

Investment in Swan Telecom was through 1,07,91,000 equity shares and another 99,20,000 preferential shares. This investment is the epicenter of Reliance Communications’ involvement in the 2G spectrum controversy that shook the telecom industry in the country.

Reliance Communications invested Rs 30 crore in Swan Telecom

In fact, Reliance Communications’ investment in Swan Telecom decreased to Rs 20.78 crore in March 2008 from Rs 30.28 crore in March 2007. Its balance sheet for 2008-09 does not have any mention about investment in Swan Telecom, which won 2G licenses.

The 2007-08 balance sheet has details about Reliance Communications’ investment in Swan Connet Communications as well. We do not know whether Swan Telecom is connected to Swan Connet Communications.

Special note:

We do not even know whether Reliance Communications fully owned Swan Telecom, the company which was in the news due to 2G spectrum controversy. We think CBI has enough information about the alleged connection between Anil Ambani’s Reliance Communications and Swan Telecom.

I am publishing my personal blog — without verifying these facts with the company’s spokesperson — primarily due to a news report saying Reliance Communications chairman Anil Ambani said he is not aware of any company named Swan Telecom.

“I’m not aware of any company called Swan Telecom,” Ambani replied in the special court of CBI, presided over by Judge OP Saini, when asked by the prosecution if he knew this firm that was given telecom spectrum and licence in 2008.

The main allegations of the probe agency, prompting it to call Ambani as a witness, is that Swan Telecom was a shell company of the Anil Ambani Group, ineligible for telecom spectrum and licence — a matter that has been strongly denied by the defence.

Baburajan K
[email protected]