Anil Ambani’s Reliance Communications (RCom), the country’s fourth largest and most leveraged telecom operator, on Monday said it has started selling part of its real estate assets as part of its plans to reduce its total debt of about Rs 35,254 crore.
As part of its plan, Reliance Communications on Monday said it has completed the sale of nearly 150 residential apartments in Navi Mumbai for a sale consideration of over R330 crore. It added that it has received more than half of the deal value, while the remainder would come within next 2-3 months. “Entire proceeds of the real estate monetisation will be utilised for repayment of debt,” the company said.
The Mumbai-based company said it would now look to finalise the sale of nearly four acre of property in New Delhi.
Earnings at Reliance Communications had been hit in the past years due to high-interest payments for the loans it took for expansion. The company has been selling some of its assets to pare debt. Earlier this month, it signed a non-binding pact to sell its tower business, Reliance Infratel, to private equity firm Tillman Global Holdings and TPG Asia, in a deal valued at around R21,000 crore