Moneycontrol
Jul 08, 2013 09:27 AM IST | Source: CNBC-TV18

Reliance Com meet on Sunday to consider sale of real estate

Reliance Communications informed BSE that a meeting of the board of directors of the company will be held on July 7 to consider proposals for unlocking value from the real estate properties held by the company and its subsidiaries, reports CNBC-TV18‘s Kritika Saxena.


Reliance Communications on Friday informed BSE that a meeting of the board of directors of the company will be held on July 7.


The meeting will consider proposals for unlocking value from the real estate properties held by the company and its subsidiaries, reports CNBC-TV18’s Kritika Saxena reports.


Reliance Communications has a debt of roughly around Rs 14,000-15,000 crore, which it is looking to ease with this sale. The Anil Ambani-led telecom firm had earlier tied up with Reliance Industries (RIL), along with other deals aimed at reducing the company's massive debt burden. 


The move is in-line with the company's excerise to pare down debt. Sources say two investment banks have also been appointed for the sale.


The details of whether this will be a full unlocking or a partial unlocking of value will be known only on Sunday when the RCom board meets.


Sources say the properties up for full or partial sale include, Reliance Centre in Delhi, Dhirubhai Ambani Knowledge City (DAKC) in Mumbai and the new business district project in Hyderabad.


Reliance Communications and the Wanda Group had signed a long-term strategic partnership in December 2012. The deal was signed to develop integrated township projects.

RCom might sell part of their stake in the joint venture.

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