"I hope all of them will be happy bankers and happy lenders to the rest of the Reliance group and the rest of corporate India because they don't have to think of write-offs and they don't have to think of equity conversions", Mr Ambani said.
Mumbai: There is a buzz in the air that Big Brother Mukesh Ambani is all set to snap up a sackful of telecom assets from debt-laden Reliance Communications, providing the financial back stop to the massive debt resolution that Anil Ambani hammered out on Tuesday with domestic and overseas lenders.
The plan presented by the heavily indebted company is part of its exit from a statutory debt restructuring process its has been negotiating with lenders since June.
The commercial development of the Dhirubhai Ambani Knowledge City campus will lead to reduction of RCom's debt by a further Rs 10,000 crore, with the special goal vehicle holding the realty assuming non-recourse long-term debt financing of the said amount.
Ambani claimed the plan involves an eight-stage asset monetisation process under an oversight committee headed by former RBI deputy governor S S Mundra with members from Trai and the entire process will be completed in 40 days. "This is more for 2-3-4 players to enjoy and those who have either unlimited money or those who have the ability to raise unlimited amount of money", Ambani said, without naming any company.
Ambani who was addressing a news conference this morning also said that his company will pay off the debts in a phased manner between January 2018 to March 2018.
After Tata Teleservices, Sistema and Telenor, RCom is the latest to fade away in the consolidation wave.
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Earlier in October, RCom's merger talks with Aircel collapsed.
"This is a crisis of the wireless telecom sector and it has engulfed many, many people and many, many companies", said Anil Ambani.
Bharti Airtel seems to have escaped from cut throat competition in the Indian wireless market.
The plan also involved repayment of up to Rs. 17,000 crore loans out of proceeds from monetisation of spectrum, tower and fibre assets.
The company will monetise its assets, including mobile switching nodes and real estate.
It will reduce debt by monetising its wireless business and selling land parcels at Dhirubhai Ambani Knowledge City (DAKC).
On a consolidated basis, RCom reported a net loss of Rs 2709 crore in Q2 September 2017, compared with net profit of Rs 62 crore in Q2 September 2016.
The complex which is held by a Special Purpose Vehicle (SPV) - is already registered as an IT park, and is proposed to be commercially developed under the "Integrated Information Technology Township" Scheme of the Government of Maharashtra over the next 10 years, he added.