RCom plans asset sale to Jio and Brookfield in next few weeks
India’s Reliance Communications (RCom) have said that it expects to complete its asset sale to Reliance Jio Infocomm and Canada’s Brookfield in coming weeks, after the bankruptcy appeals court halted insolvency proceedings against the debt-laden company.
The 181 billion-rupee asset sale by businessman Anil Ambani-controlled RComincludes airwaves, fibre, mobile masts and real estate assets in Delhi and Chennai, the company said in a statement, as it aims to prune its debt pile. The asset sale follows a settlement with telecom gearmaker Ericsson for partial payment of dues owed by RCom to the Swedish company.
With debt of 457.33 billion rupees at the end of March 2017, RCom is the most-leveraged listed telecoms carrier in India. Like other Indian telecoms firms, RCom has been hit by a fierce price war over the last year, especially after the entry of Reliance Jio.