Article from The Hindu Business Line
Reliance Communications (RCom) has sold nearly 150 residential flats at its Sea Woods complex in Navi Mumbai, marking the monetisation of its surplus real estate, for about Rs. 330 crore. The company, controlled by billionaire Anil Ambani, will use the proceeds to repay debt.
RCom has already received more than 50 per cent of the sale proceeds, and the balance amount will be realised during the current financial year. The remaining will come only after the completion of documentation, which is now under way, the company said in a statement.
The company also expects to announce plans shortly to monetise real estate measuring nearly 4 acres in New Delhi (erstwhile Ranjit Hotel property, just off Connaught Place).
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, it added.
RCom had embarked on a process to pare debt by monetising non-core assets.
On December 4, RCom has inked an agreement to sell its tower assets to private equity firms TPG and Tillman Global. Separately, the two PE firms are also evaluating RCom’s nationwide inter- and intra-city optical fibre assets.
Together the transactions are expected to fetch about ₹30,000 crore, all of which will be used to reduce RCom’s debt of about ₹40,000 crore.