Anil Ambani-led Reliance Communications Ltd. (RCom) said on Monday that it had sold its fibre and related infrastructure assets, worth ₹3,000 crore, to the Mukesh Ambani-led Reliance Jio Infocomm (RJio).
“With the successful completion of the fibre monetisation transaction, 1,78,000 km of fibre stand transferred to RJio,” RCom said in a statement.
Last week, the company had sold its media convergence nodes (MCNs) and related infrastructure assets, worth ₹2,000 crore, to RJio.
On Friday, the company secured the approval of its overseas bondholders to ease the company’s debt burden, a move that would help the debt-laden firm avert bankruptcy.
RCom had defaulted on $300 million worth bonds last year and the bondholders’ vote was crucial for the telecom major as settling the matter was a precondition for RCom to reorganise its larger local debt of more than ₹42,000 crore.
Deadline for defaulters
In February, the Reserve Bank of India (RBI) mandated banks to identify projects with even a day’s default as a stressed asset and conclude the resolution proceedings in 180 days. The circular came into effect on March 1 and the 180-day deadline concluded on August 27.
RCom has to reach an agreement with all its creditors by August 27 or face insolvency proceedings.
RCom plans to reduce its debt by about 60%, or by ₹25,000 crore, by monetising its telecom and spectrum assets.
