Reliance Communications (RCOM) has sold nearly 150 residential flats situated at Sea Woods complex in Navi Mumbai. The disposal marks the commencement of RCOM’s monetization programme for surplus real estate owned by the Company. The sale consideration for the disposal of the flats at Navi Mumbai has been finalized at over Rs 330 crore. RCOM has already received more than 50% of the sale proceeds and the balance amount will be realized during the current financial year, upon completion of documentation, etc. presently underway.
RCOM also expects to finalize and announce plans very shortly for monetization of its valuable real estate measuring nearly 4 acres, situated at a prime location in New Delhi (being the erstwhile Ranjit Hotel property, just off Connaught Place, New Delhi). The entire proceeds from the monetization of real estate will be utilized by RCOM for repayment of debt, as part of its overall deleveraging plans.
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.
