RCom had close to Rs 45,000 crore debt on its books in October 2017, Ambani said.
He said the deal involved an eight-stage asset monetisation process under an oversight committee headed by former RBI deputy governor S S Mundra with members from Trai and the whole process will be completed in 40 days flat.
RCom will be able to reduce debts by INR 25,000 crore through prepayment, he said. Crippled Reliance Communications (RCom) announced yet another debt revival plan today claiming full debt resolution by March but without involving any conversion of debt into equity and exiting the SDR framework, apart from coming on-board of a strategic investor.
"Saying that going forward Reliance Communications will be a business-to-business (B2B) company, he added the company achieved this debt restructuring by asset monetisation and selling real estate". During the day, it zoomed 41 per cent to Rs 23.
The stock of RCOM has been on the rise since last week after there were rumours that Mukesh Ambani would be buying the assets of Anil Ambani'sRCOM.
Embattled telecom company Reliance Communications Ltd faced another setback on. RCom has already made a decision to shut its 2G wireless business and merge its 4G services with its enterprise unit. The company's market valuation went up by Rs 1,388.88 crore to Rs 5,898.88 crore.
Benitez thrilled to see Newcastle effort rewarded
Saivet made an immediate impact, although not the desired one when he gifted the ball to Arnautovic in the centre of the pitch. They wanted to play the nice passes and we wanted to get physical and get in their faces and they didn't like it.
Christmas Returns to Mosul After Islamic State Defeat
Christian worshipers in Iraq's northern city of Mosul celebrated their first Mass on Sunday since ISIS overran the city in 2014 . The Patriarch of Iraq's Chaldean Catholic Church, Louis Raphael Sako, led the service.