RCom presents new debt repayment plan, to sell off mobile towers

Mumbai: Indian telecoms carrier Reliance Communications Ltd unveiled on Monday a new debt repayment plan, which included a pledge to raise up to Rs 170 billion ($2.62 billion) through the sale of assets such as mobile towers.

RCom, as the debt-laden company is commonly called, also said it would repay lenders an additional Rs 100 billion through the sale of commercial real estate, and convert about Rs 70 billion of the debt to 51 per cent of the company’s equity.

RCom, controlled by billionaire Anil Ambani, will retain debt of Rs 60 billion after the completion of the new repayment plan, the company added.