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7 month extension for Reliance Communications to pay off debt

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8 years ago

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reliance communications to pay off debt, reliance communication, debt, banks, anil ambani, fitch, RCom credit rating, RCom loan repayment,RCom debt reduction, reliance jio, telecom price war, telecom sector, startup stories india, startup stories, startupstories, reliance communications debt, Reliance communications, loan defaulters, anil ambani debt

Anil Ambani on Friday fought to assure investors Reliance Communications, will be able to pay 60% of it’s Rs 45,000 crore debt by December 2017. A consortium of lenders invoked a strategic debt restructuring (SDR,) program that will give the telecom firm a remission of 7 months to repay debts.

RCom chairman in a rare press appearance announced two plans that will allow the company to considerably trim the debt. These plans, approved by the lenders, include the Rs. 11,000 crore sale of its tower business to Canadian firm Brookfield Infrastructure and the merger of wireless business RCom with Aircel. These transactions are believed to lead to a reduction of Rs. 25,000 crore.

Recently Fitch Ratings downgraded RCom, following Moody’s Investors Service who has also slashed its ratings. But Ambani was confident of the two deals coming through by September and termed the debt reduction to be the largest in the history of India.

In case the company is unable to meet the deadline, the lenders, who have constituted a joint lenders forum, will convert the debt into equity. They will have the option to do any form of restructuring they want to do.

The company is also looking at the sale of global business such as Global Cloud Exchange, DTH and real estate. RCom CFO, Puneet Garg added that the telecom sector is among the highest taxed in India and therefore may see up to 40,000 job losses this year.

The company was also affected by the latest entry into the telecom industry, Reliance Jio, owned by elder brother Mukesh Ambani. RCom reported its first annual loss of Rs. 1,283 crore in 2017 against a net profit of Rs. 660 crores in 2015-2016.

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Blissclub Raises INR 33 Crore in Fresh Funding Months After Layoffs

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