RCom sells 150 flats in Navi Mumbai for Rs 330 crore to repay debt

NEW DELHI: Anil Ambani-owned Reliance Communications (RCom) has said that it has sold nearly 150 residential flats situated at Sea Woods complex in Navi Mumbai to repay its debt. RCom’s debt of about Rs 40,000 crore.

“The disposal marks the commencement of RCom’s monetisation programme for surplus real estate owned by the Company. The sale consideration for the disposal of the flats at Navi Mumbai has been finalised at over Rs. 330 crore ,” the company said in a statement.

The company has already received more than 50% of the sale proceeds, and the balance amount will be realised during the current financial year, upon completion of documentation, etc. presently underway.

The telecom operator also expects to finalise and announce plans very shortly for monetisation of its valuable real estate measuring nearly 4 acres, situated at a prime location in New Delhi (being the erstwhile Ranjit Hotel property, just off Connaught Place, New Delhi).

“The entire proceeds from the monetisation of real estate will be utilised by Rcom for repayment of debt, as part of its overall deleveraging plans,” the operator said.

On December 4, the company has signed an agreement with Tillman Global Holdings and private equity TPG to sell its nationwide tower assets.Currently, the company has some 45,000 telecom towers.