In its efforts to pare debt, Reliance Communications (RCom) has started the process to monetise its real estate assets in Delhi and Mumbai. The company is saddled with Rs 45,000-crore debt. It has got a seven-month reprieve from banks to service the debt. The company is eyeing to sell or lease Reliance Centre building in Delhi. It has also listed DAKC IT Park in Navi Mumbai for sale/lease.
Moreover, the company will receive Rs 11,000 crore from sale of its tower business to Canadian firm Brookfield Infrastructure. This along with the merger of wireless business of RCom and Aircel, to form a new entity called Aircom, will enable the company trim debt by nearly 60 per cent.
Reliance Communications (RCom) is India’s foremost and truly integrated telecommunications service provider. The Company has a customer base of nearly 95 million including over 2.6 million individual overseas retail customers.