The company said its new proposal resembles a previous plan, which was hampered however by a lack of regulatory approvals and legal battles.
Indian telecoms company Reliance Communications Ltd (RCom) will propose a plan to sell its telecom infrastructure assets, airwaves and real estate to resolve its debt, the firm said on Sunday. RCom, controlled by businessman Anil Ambani, last week said it will seek fast-track resolution through India’s National Company Law Tribunal (NCLT). RCom’s net debt stood at around $7 billion as of March 2017 when it last made the number public.
The company said its new proposal resembles a previous plan, which was hampered however by a lack of regulatory approvals and legal battles. It expressed confidence on Sunday that its “substantial unsustainable debt and liabilities” would be extinguished under the NCLT process and it would be able to overcome challenges raised by minority lenders.
RCom has reported a string of losses during a price war triggered by the market entry of Reliance Industries’ telecoms venture Jio Infocomm, owned by Mukesh Ambani – Asia’s richest person and Anil Ambani’s older brother.