In a bid to raise Rs 5,000 crore, Reliance Communications (RCom) has reportedly started process of monetizing its real estate assets across the country. The company will use the proceeds to part-repay its debt, which stands at Rs 34,000 crore even after the recent qualified institutional placement (QIP) of its shares.
In this regard, the company has held meetings with top real estate consultants like CB Richard Ellis, Jones Lang Lasalle and Knight Frank, which will soon be asked to find buyers for the 10 properties that are to be sold in six to 12 months.
The properties on outright sale include the company’s 3.7-acre Delhi office in prime central district near Connaught Place, which is expected to fetch Rs 700 crore. Also on the list are properties in Kolkata's Chowringhee Road, Navi Mumbai’s 7 Towers, 19 acres in Bangalore, properties in Ambattur near Chennai, 226,000 square feet of space in Hyderabad’s Hi Tech City, properties in Tirupati and Gujarat's Anjar and 150 flats in Navi Mumbai's posh Seawoods residential property.
Further, the company is finalizing deals with some key real estate developers for setting up commercial and residential space, besides an IT park, in Dhirubhai Ambani Knowledge Centre (DAKC) on the outskirts of Mumbai.
Reliance Communications is India’s foremost and truly integrated telecommunications service provider. The company, with a customer base of about 150 million, including over 2.5 million individual overseas retail customers, ranks among the Top 4 Telecom companies in the world by number of customers in a single country.
| Company Name | CMP |
|---|---|
| Bharti Airtel | 1846.55 |
| Vodafone Idea | 9.62 |
| Indus Towers | 412.35 |
| Tata Communications | 1521.05 |
| Bharti Hexacom Ltd. | 1538.30 |
| View more.. | |
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