R-Com realty sale drive
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Mumbai, June 20: Reliance Communications (R-Com) has started monetising its real estate assets in New Delhi and Navi Mumbai, a move that could bring down its debt by Rs 8,000-10,000 crore.
The Anil Ambani-company is already in the process of reducing its debt by Rs 25,000 crore from two transactions - the merger of its wireless business with Aircel and a 51-per-cent stake sale in its tower assets to Brookfield Infrastructure of Canada.
The company had recently indicated it had other options to bring down the debt, which include monetising its 49 per cent economic stake in the tower business even as it can look at a strategic sale of the DTH business. R-Com's net debt stands at around Rs 45,000 crore.
R-Com today invited offers for sale or joint development of its huge 133-acre Dhirubhai Ambani Knowledge City in Navi Mumbai. A newspaper advertisement by the company said this included 12 office buildings and seven buildings in the Millennium Business Park.
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