RCOM shareholders approve asset monetisation

Reliance Communications (RCOM) shareholders approved the resolution to monetise the spectrum, towers, fibre, telecom infrastructure and other assets with overwhelming majority of 99.91 per cent, a regulatory filing by the company said here on Friday.

"RCOM's asset monetisation is proceeding on fast track to close by March 2018, subject to lenders' consents and other regulatory approvals. Post monetisation, the debt and liabilities of the company will reduce by Rs 25,000 crore by prepayment of debts and transfer of Department of Telecommunications' Spectrum Instalments," the company said.

It added that RCOM's continuing operations would comprise stable and profitable B2B focused businesses, including Indian and Global Enterprise, Internet Data Centres and "the largest private submarine cable network in the world."

"These B2B businesses are stable, capital light and have sustained and predictable annuity revenues and profits, with immense growth potential amidst relatively low competitive intensity," the company added.

--IANS

ag/bg