RCom gets 7-month breather from banks

Anil Ambani tells investors the firm will get back in shape

Lenders have decided to give Reliance Communications (RCom) time till December to make interest and principal repayment so that the company could sell assets and reduce debt, even as they took the strategic debt restructuring (SDR) route for the Anil Ambani group-owned firm. 

“We are undertaking two transactions to sell our assets, which would be the largest-ever debt reduction by any Indian company,” Reliance Group Chairman Anil Ambani said here on Friday. 

The company has decided to hive off its wireless telephony business, which would be merged with Aircel and help reduce debt by Rs 14,000 crore, Ambani said. The