RComm-Aircel merger called off but SSTL merger on track: Punit Garg

However, he is hopeful of completing the merger with Sistema Shyam Teleservices Ltd (SSTL) by this month on back of DoT's nod for SSTL deal expected by next week.

Talking about debt, he said their current debt stands at Rs 45,000 crore – the Indian lenders are at Rs 19000 crore and foreign lenders and bond holders together are at Rs 19000 crore, and rest is promoters and group companies' contribution.

The company had earlier said that they aim to pare 60 percent of their debt but December 2017. The company plans monetize tower, fiber, real estate assets with an aim to reduce debt. They also plan to optimise spectrum portfolio, said Garg.

He said the endeavour remains to pare the debt by December end but by March 2018, the company would focus to reduce Rs 25,000 core out of the overall debt.

He said, “The most important point is that company in its AGM on September 26, has passed the resolution and enabled the lender if they want to exercise, they can exercise the right to convert debt into equity. The decision is with lenders for the timing, which will run through the process. We are fully compliant with SDR guideline and regulation.”