Mumbai: RCom, which once ruled the country's business world, is going through a bad economic phase these days. The company is buried under a terrible debt. Anil Ambani-led RCom is looking to sell the company to deal with it. The company has a debt of about Rs 49 thousand crores.
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The lenders are expected to get between Rs 9,000 crore and Rs 10,000 from the sale of Reliance Communications and its two units of spectrum and towers. RCom's resolution process can be completed by mid-October.
According to a newspaper report, a source said that the initial valuation shows that if the insolvency processing is completed within the next few months, then assets can fetch between Rs 9,000 crore and Rs 10,000 crore. Banks have claimed a total of Rs 49,000 crore. 14 of the 22 telecom circles in Sh include spectrum in the 850 MHz band, about 43,000 telecom towers. Explain that companies like Reliance Jio, Bharti Airtel, ATC Telecom Infrastructure, Asset Care and Reconstruction Enterprise have shown interest in them.
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The total debt of Reliance Group in March 2018 was Rs 1.7 lakh crore. Apart from Reliance Communications, four group companies have high liability. To repay this liability, the properties are being sold. Among the companies which have liabilities, Reliance Capital owes Rs 38,900 crore, Reliance Power Rs 3,000 crore, Reliance Infra Rs 17,800 crore, and Reliance Engineering Rs seven thousand crores. Anil Ambani has also fallen in the court due to a dispute over payment from a company.