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'Morally, what's right has to be done': Anil Ambani on RCom debt resolution plan

Reliance Group Chairman Anil Ambani says the repayment plan was not just about business.

December 27, 2017 / 05:07 PM IST
 
 
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Soon after Reliance Communications unveiled a mega restructuring programme that envisaged cutting the company's massive debt burden by more than 85 percent, Reliance Group Chairman Anil Ambani said the repayment plan was not just about business.

"Morally, what is right has to be done. That’s always been our approach to business,” Ambani was quoted by IANS as saying. “We have always stood by those who have supported and believed in us. Only moral financing prevails.”

On Friday, Ambani announced that RCom would sell telecom assets, including spectrum, towers, fibres and some real estate assets worth of Rs 25, 000 crores by the end of March 2018 to pay lenders and exit the strategic debt restructuring programme. This way RCom will achieve full resolution of its debt by cutting it to Rs 6,000 crore by monetising assets.

RCom had a debt of about Rs 45,000 crore as of FY17.

A day after the announcement, the debt resolution was among the top trends on Twitter, with more than 5,000 tweets posted with the hashtag #AnilAmbaniWalksTheTalk.

However, there were some speculations that this could have been a sponsored trend, since some tweets were flagged to have been repeated by many users.
first published: Dec 27, 2017 05:05 pm

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