Reliance Communications (RCom) has reportedly received interest from 8 bidders for its 125-acre land bank in Navi Mumbai. The company, which owes Rs 47,000 crore to banks and other lenders, is heavily banking on proceeds from the land monetisation as it can provide immediate cash to clear pending dues.
The Navi Mumbai land deal is very critical for the debt-laden company, which is shutting down its 2G and 3G voice operations by the end of this month over recurring losses.
Reliance Communications (RCom) is India’s foremost and truly integrated telecommunications service provider.
