RCom gets bondholders' approval for assets sale plan

Debt-laden Reliance Communications (RCom) today said its bondholders have approved "with overwhelming majority" sale of its certain assets to Reliance Jio Infocomm as also monetisation of other real estate properties.

In a statement, RCom said that the bondholders also approved the release of their security on the company's assets and to accept part prepayment of their outstanding bonds.

"The holders of the company's USD 300 million bonds, on 20 March 2018 in London, have approved with overwhelming majority the sale of assets to Reliance Jio Infocomm Limited and also monetisation of other real estate assets," the company said in a statement.

In December 2017, Mukesh Ambani-led Reliance Jio had announced a mega deal to acquire mobile business assets including spectrum, mobile towers and optical fibre network of RCom, owned by his younger brother Anil Ambani.

The asset sale process, that would have helped RCom pare its debt, however, hit a hurdle when an arbitration court's interim order barred the sale of assets without its permission, on an appeal by telecom gear maker Ericsson India.