RCom awaiting final DoT nod for spectrum sharing, trading: Anil Ambani

MUMBAI: Reliance Communications Ltd (RCom) is awaiting final approvals for spectrum sharing and trading from the department of telecommunications (DoT) to sell its assets, chairman Anil Ambani told shareholders at the company’s annual general meeting on Tuesday.

Speaking to shareholders, Ambani said that RCom’s other monetization measures, including the sale of telecom infrastructure and fibre to Reliance Jio Infocomm Ltd, were at an advanced stage. Ambani added that he was confident of getting a (debt) resolution in the next few months.

“RCom has obtained the approval of all its bankers, both foreign and domestic, to carry out its asset monetization plan that is expected to bring down the overall debt of the company,” said Ambani.

“The priority of the company is to resolve its debt.”

The debt-ridden company had in December 2017 struck a ₹25,000 crore deal with the Mukesh Ambani-led Reliance Jio for the sale of its wireless and realty assets to Canada’s Brookfield, and reduce its debt of ₹46,000 crore by repaying 39 lenders.

According to the company’s latest annual report, RCom’s lenders include the State Bank of India (SBI), Life Insurance Corp. of India (LIC), Deutsche Bank, Standard Chartered Bank, DBS Bank, Credit Agricole, Yes Bank, Punjab National Bank and UCO Bank.