Reliance Communications (RCOM) Chairman Anil Ambani on Tuesday said the company's subsidiary Reliance Realty would develop Dhirubhai Ambani Knowledge City (DAKC) to create 30 million square feet of commercial space.
Reliance Realty owns and operates DAKC, a 133-acre registered IT park in Navi Mumbai.
Speaking at the Annual General Meeting of RCOM, he also said the company has obtained approval of 100 per cent Indian and foreign lenders on its Asset Monetisation Plan for overall debt resolution.
Last month, RCOM had completed the sale of its fiber and related infrastructure assets, worth Rs 3,000 crore, to Reliance Jio Infocomm Limited (RJIO), covering fiber assets of over 178,000 km across India.
Talking on the woes of the telecom sector, the RCOM chairman said the sector is saddled with an extreme debt burden of over Rs 7.7 lakh crore which is "a virtual death blow for older operators".
He further said that employment in the sector has halved over the last two years. Hyper-competition has led to over 20 lakh job losses.
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