RCom to get out of SDR; finalises Rs 39,000-cr debt resolution plan

Lenders will have to make a provisioning of over Rs 6,000 cr in Q3

Anil Ambani-owned Reliance Communications (RCom) said on Tuesday it had exited the strategic debt restructuring (SDR) scheme of lenders by agreeing to sell its telecom towers, real estate and other assets, and getting a strategic investor in the “new RCom”, which would help reduce its debt by Rs 39,000 crore.  

The company expected to conclude all the transactions by March next year and banks would not have to take any haircut, said Anil Ambani, chairman of RCom. “This is the largest debt reduction in India,” he added.

After restructuring, RCom will reduce its debt by 87 per cent to