TIL Desk/Business/Mumbai/ Lenders have decided to give Reliance Communications (RCom) time till December to make interest and principal repayment so that the company could sell assets and reduce debt, even as they took the strategic debt restructuring (SDR) route for the Anil Ambani group-owned firm.
“We are undertaking two transactions to sell our assets, which would be the largest-ever debt reduction by any Indian company,” Reliance Group Chairman Anil Ambani said here on Friday.
The company has decided to hive off its wireless telephony business, which would be merged with Aircel and help reduce debt by Rs 14,000 crore, Ambani said. The new company would be named Aircom.
RCom will also be selling a majority stake in its telecom tower business to private equity fund Brookfield for Rs 11,000 crore and hold an economic interest of 49 per cent. “We plan to complete both transactions by September this year and we will be out of the SDR much before the December deadline,” Ambani said.
