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RCom shares extend rally on debt plan but unclear if all creditors on board

RCom had a net debt of Rs 45,000 crore at the end of October, putting it among India's most indebted companies

Reuters  |  Mumbai 

Reliance Communications Ltd's shares soared for a second straight day on Wednesday after the Indian wireless carrier detailed a plan to cut its hefty debt load but it was not immediately clear if all key creditors were on board. RCom, as the company is known, announced on Tuesday a plan to slash its debt by Rs 39,000 crore ($6.08 billion) underpinned by the sale of some of its spectrum, tower, fibre and real estate assets for which the company said it has already received some non-binding offers. Building on an earlier plan announced in October, RCom, which is backed by ...

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First Published: Wed, December 27 2017. 18:06 IST