A man speaks on his mobile phone as he walks past a closed shop painted with an advertisement of Reliance Communications in Mumbai, India, January 29, 2018. REUTERS/Shailesh Andrade/Files

MUMBAI (Reuters) – Indian telecoms company Reliance Communications Ltd (RCom) will propose a plan to sell its telecom infrastructure assets, airwaves and real estate to resolve its debt, the firm said on Sunday.

RCom, controlled by businessman Anil Ambani, last week saidit will seek fast-track resolution through India’s NationalCompany Law Tribunal (NCLT).

RCom’s net debt stood at around $7 billion as of March 2017when it last made the number public.

The company said its new proposal resembles a previous plan, which was hampered however by a lack of regulatory approvals and legal battles.

It expressed confidence on Sunday that its “substantial unsustainable debt and liabilities” would be extinguished under the NCLT process and it would be able to overcome challengesraised by minority lenders.

RCom has reported a string of losses during a price war triggered by the market entry of Reliance Industries’ telecoms venture Jio Infocomm, owned by Mukesh Ambani – Asia’s richest person and Anil Ambani’s older brother.

Reporting by Sankalp Phartiyal; Editing by Alexandra Hudson


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