The announcement comes days after RCom disclosed a deal with lenders under which Rs 40,000 cr will be raised through sale of assets, averting an imminent takeover by the 35 local and foreign banks.
Anil Ambani said on Tuesday that the company has achieved full resolution of RCom's debt, cutting it by Rs 25,000 crore to Rs 6,000 crore by monetising assets.
Reliance Group's Chairman Anil Ambani on Tuesday announced plan to reduce the company's debt by Rs 25,000 crore to Rs 6,000 crore.
While the total deal value of the sale of Reliance Energy is Rs 13,251 crore, regulatory assets estimated at Rs 5,000 crore and net working capital on closing estimated at Rs 550 crore would also accrue to RInfra.
The Anil Ambani-controlled group was among the three wilful defaulters named by Singhvi whose loans the government had allegedly written off.
The ICBC and Export-Import Bank of China are planning to support China Development Bank's insolvency petition against RCom.
In a statement issued on Monday, RCom said it was ‘surprised’ by the ‘untimely and premature action’ of the China Development Bank.
Shares of debt-ridden Reliance Communications touched a new low of Rs 9.75 in its first ever fall to single digits.
Reliance Communications' board also approved issuing 10 per cent equity in the company to Sistema Shyam Teleservices, as part of the agreement between the two.
RCom offered a comprehensive debt-resolution plan to its domestic and foreign lenders, saying it will not involve any loan write-off by the lenders.
Reliance Communications has asked most its employees to exit the company by November 30, a media report said.
The merger between Sistema Shyam and Reliance Communications promises Rs 700 crore extra income and two million new users for Anil Ambani's telco.
Shares of Anil Ambani owned Reliance Communications (Rcom) plunged to an all-time low on Tuesday, after the company called off its plan to merge with Aircel Ltd
Canadian firm Brookfield will pay less for the 51 per cent stake in RCom's mobile tower business.
Wireless sector is slowly moving from a hugely customer-friendly market towards either oligopoly, duopoly or potentially a monopoly
Anmol Ambani on Tuesday addressed shareholders at 31st annual general meeting (AGM) of Reliance Capital, the financial services arm of the Anil Ambani-led Group.
Reliance Capital already offers health insurance products and the move to have a standalone offering is to increase retail presence in the already cluttered mediclaim segment.
Ambani said what Prime Minister Narendra Modi had done in three years on GST could not be done in the previous 30 years
Anil Ambani-led Reliance Communications is reeling under debts and faced credit downgrades over its inability to pay back loans
Reliance Communications has close to Rs 45,000 crore debt on its books.
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