Reliance Communications announces new debt cut plan, with no write-offs
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The Anil Ambani-controlled telecom services company, Reliance Communications, on Tuesday said it would reduce its debt by about Rs 25,000 crore through the sale of some of its spectrum, tower and real estate assets.
“We have achieved full resolution for Reliance Communications,” said Ambani at a press conference in Mumbai. The resolution involves RCom exiting structured debt restructuring with no conversion of equity and zero write-off by lenders, Ambani added. “Expect overall debt for RCom to be around Rs 6000 crore.”
New Reliance Communications will consist of enterprise, GCX, Data Center business, 4G sharing business and 50 per cent of its revenues will come from overseas, he added.
“Ours is a capital-light business. It is also a high margin business as I have shown to you and I think shareholders will be well-rewarded in the coming quarters,” Ambani told Business Standard.
Following Ambani’s announcements, Reliance Communications shares saw a sudden zoom on the BSE, with a rise of as much as 40 per cent over previous close to Rs 22.92 apiece.
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