Reliance Communications is in plans to sell some of its real estate assets including office spaces at its headquarters, Dhirubhai Ambani Knowledge City (DAKC) complex, in Navi Mumbai. The company has huge office spaces at DAKC and it may consider selling some of them. Other than that, it also has a large property in Hyderabad under a special tax-exempt IT Park. By selling these assets, the company aims to reduce its liability, as the ballooning interest costs are eating into the already dismal profits of the company.
Recently, the company has completed full repayment of two syndicated ECB loan facilities of $500 million each, aggregating $1 billion, during the quarter ended 30th June 2013. These loans were availed in the year 2007 from a group of international banks.
