Reliance Communications has got 7 months relief from lenders to return all the debt money amounting to Rs 45,000 crore.
"Our plans have been accepted by the lenders and they have constituted a joint lender forum (JLF). Reliance Communications, under the provision (SDR), will receive a standstill on serving debt obligations for period of 7 months, that is, till December 2017," Ambani said.
He further said, "lenders took note of the substantial progress the company has made on the strategic transformation programme, especially the creation of the new, independent wireless company, Aircom, focussed on India, the agreements signed with Aircel and also the Reliance Infratel stake sale to Brookefield of Canada."
"Both the transactions, we believe, will lead to a reduction of Rs 25,000 crore of debt, which is 60 per cent by just two transactions," he said.
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