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RCOM to convert Rs 70 billion debt to equity as per new debt restructuring plan

October 31, 2017

Reliance Communications (RCOM) has presented a fresh plan to recast its Rs 450 billion debt .The plan includes converting Rs 70 billion of debt into equity by banks and handing over majority stake to them.

The debt revamp plan involves RCOM raising money through asset sale to repay Rs 170 billion of debt. Of this, it will raise around Rs 100 billion through sale and commercial development of real estate assets, including its 100-acre headquarters nearby Navi Mumbai. The assets to be sold include its spectrum holding of 122 MHz valued at Rs 140 billion; Rs 70 billion from its towers business, Rs 30 billion from its optical fibre network and data centres Rs 40 billion.

According to the telecom operator, there will be zero write-offs for the lenders this will make RCOM sustainable and profitable if the new restructure plans goes through.


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