Anil Ambani-led RCom’s shareholders approve asset monetisation plan

Reliance Communications’ shareholders have approved of its asset monetisatin plan by a majority of 99.91%.

RCom, with debt of more than Rs 45,000 crore, just avoided ceding control to banks, after Reliance Jio Infocomm agreed to purchase its spectrum, tower, fibre and media convergence nodes for an estimated Rs 24,000 crore.

The company had exited strategic debt restructuring program last year and is now getting regulatory approvals for its asset monetisation plan.

The Anil Ambani owned telecom company last year shut its 2G and 3G wireless business and said it will concentrate on its enterprise business, internet data centres and submarine cable network business catering to both global and Indian customers.

After the monetisation plan, RCom’s debt and liabilities is expected to be reduced by Rs 25000 crore through debt repayment and transfer of spectrum, said the telco.