Sells real estate in Navi Mumbai for Rs 330 crore
Reliance Communications announced the sale of nearly 150 residential flats situated at Sea Woods complex in Navi Mumbai. The sale consideration for the disposal of the flats at Navi Mumbai has been finalised at over Rs. 330 crore.The disposal marks the commencement of RCOM's monetisation programme for surplus real estate owned by the Company.
RCOM has already received more than 50% of the sale proceeds, and the balance amount will be realised during the current financial year, upon completion of documentation, etc. presently underway.
RCOM also expects to finalise and announce plans very shortly for monetisation of its valuable real estate measuring nearly 4 acres, situated at a prime location in New Delhi (being the erstwhile Ranjit Hotel property, just off Connaught Place, New Delhi).
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.
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