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MUMBAI (Reuters) – Indian telecom company Reliance Communications Ltd (RCom) will offer a plan to sell its telecom infrastructure badets, airwaves and real estate to settle its debt, announced Sunday. society.
RCom, controlled by businessman Anil Ambani, said she would seek a speedy resolution through the National Indian Courts of Companies (NCLT).
RCom's net debt was approximately $ 7 billion in March 2017, when it was last released.
The company said its new proposal resembled a previous plan, which was, however, hampered by the lack of regulatory approvals and legal battles.
He said he was confident Sunday that his "unsustainable and substantial debts and debts" would be extinguished as part of the NCLT process and that he would be able to overcome the difficulties raised by minority-owned lenders.
RCom announced a series of losses during a price war triggered by the market entry of telecommunications company Jio Infocomm of Reliance Industries, owned by Mukesh Ambani – the most senior person rich in Asia and the older brother of Anil Ambani.
(Report by Sankalp Phartiyal, edited by Alexandra Hudson)
(This story has not been changed by Business Standard staff and is generated automatically from a syndicated feed.)
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