Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / News/  Reliance Communications lays out debt resolution plan
BackBack

Reliance Communications lays out debt resolution plan

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
  • The Supreme Court on Monday issued a notice to RCom Chairman Anil AmbaniPremium
    The Supreme Court on Monday issued a notice to RCom Chairman Anil Ambani

    MUMBAI : 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.

    *Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

    Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 03 Feb 2019, 06:28 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App