 "RCom Board to meet on Jul 7 to 'unlock value' from real estate properties")
The Board of Directors of Anil Ambani-led Reliance Communications (RCom) will meet on July 7 to consider proposal for “unlocking value” from the real estate properties held by the companies and its subsidiaries.
In a regulatory filing, the company has informed the stock exchanges about the board meeting, without disclosing further details.
In December 2012, Reliance Group had formed a joint venture (JV) with China’s leading real estate developer Wanda Group to do real estate projects in India.
The JV would develop integrated township projects in India, including commercial buildings and residential apartments, hotels and retail space.
After signing the JV, the company has said in statement that among the first real estate projects of the JV would be in Navi Mumbai and Hyderabad.
The 135-acre Dhirubhai Ambani Knowledge City in Navi Mumbai, owned by Reliance Communications, has a development potential of 10 million square feet (sq ft), subject to necessary approvals.
The Hyderabad project is an 80-acre new business district owned by Reliance Infrastructure, having an unlimited floor-space index for development for commercial and residential purposes, hotels, etc. There are plans to develop up to 10 million sq ft area here in a phased manner.
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