RCom Hopes To Cut Debt By Rs 25,000 Crore From Asset Sale
Anil Ambani’s Reliance Communications Ltd. today said it expects to reduce debt by around Rs 25,000 crore after the Supreme Court lifted a stay on the sale of assets of the company.
“There is now no bar in immediately completing the asset sales of spectrum, Media Convergence Nodes and real estate, and the same shall be concluded expeditiously,” RCom said in a statement. The Bombay High Court had granted stay on RCom’s asset sale on an appeal by its vendor Ericsson.
The Hon’ble Supreme Court has directed that secured lenders can proceed with the asset sales in accordance with law.RCom Statement
RCom in December signed an agreement with Reliance Jio Infocomm Ltd. to sell spectrum, mobile towers, fiber network and MCNs.
The National Company Law Tribunal had also granted a stay in favour of minority shareholders holding around 4 percent stake in Reliance Infratel Ltd. Now the apex court has directed the company and its lenders to file an appeal at the National Company Law Appellate Tribunal instead of directly approaching them, the statement added.
RCom said that based on legal advise and today’s order it is optimistic of securing appropriate relief from the NCLAT to enable sales of tower and fibre assets.
Based on these developments, RCom is now confident of achieving overall debt reduction of approximately Rs 25,000 crore within the next few weeks, from the first phase of the asset monetisation programme.RCom Statement
The Anil Ambani-led firm said that the claim of the minority investors, which is fully disputed by RCom, can, in any case, be a maximum of approximately Rs 200-300 crore.