The lives of thousands of employees of Anil Ambani-owned Reliance Communication are in uncertainty as the company plans to shut down its 2G and 3G wireless operations and voice call services. According to a report by The Quint, the company plans to shut down the services by 30th of November, owing to an overriding debt of Rs 44,300 crore.The report says that the company couldn't sustain the rising price-war triggered by competitor Mukesh Ambani’s Jio business.
The Quint report says that the company in the previous week informed its employees that their last date of employment will be 30 November. Irked by the sudden decision, the employees started a signature campaign with over 2,500 signatures. Many employees expressed their concern on social media under the hashtag #savercomemployees. A couple of tweets accused Reliance Communications of forcing the employees to resign without providing any due compensation.
— Manish Singh (@Write2manish_) November 6, 2017
The Quint reported that the company is under threat of 'take over' if it fails to make a significant reduction in the amount of debt by December 2017. According to a debt restructuring pact with its lenders, the company has to pay off its debt by December 2018.