assets into a separate company, Ambani said the board has given in-principle approval on the issue and Reliance Properties will be listed as a separate firm.
"The board has given in-principle approval for the demerger of real estate. The current independent valuation of the properties that we have is over Rs 12,000 crore. Reliance Properties will be a separate listed company, all shareholders of Reliance Communications will be given fully tradable shares of this new company free of cost," Ambani added.
The proposed separation of real estate into a separate unit is part of Reliance Communications' strategic plan to divest non-core assets and focus on wireless and enterprise business.
Commenting on data penetration in the country, he said Reliance Communications has taken various pro-consumer initiatives such as offering 3G services at 2G rates which will give results in the coming quarters.
Reliance Communications has a base of 31 million data customers, which includes 7.7 million 3G users.
On the depreciating Indian rupee, Anil Ambani said Indian economy is integrated with the world economy and companies will have to figure out and form their own strategies to deal with the challenges.
"This is clearly something that affects the whole of India. India is not isolated or insulated from global events.... Based on economic reforms which began in 1991, we are integrated with the world economy and companies and countries will have to really figure out and form their own strategies to deal with these challenges," he said.
The Indian rupee today ended at life-time low of 66.24 against the US dollar, down 194 paise or 3.02 per cent from yesterday's close in its biggest one-day fall.
Stating that Reliance Communications is in a uniquely distinctive position, its President and CEO for Wireless Business Gurdeep Singh said the company possesses the largest bandwidth of spectrum at over 150 Mhz, including 2G, 3G and CDMA, along with 2 lakh kilo meter of fibre.
He said Reliance Communications' data centre in partnership with HDFC Ltd will be operational by the end of this year. The centre was set up with an investment of Rs 500 crore.