Reliance Communications sells flats for Rs 330 crore to repay debt

Reliance Communications Anil Ambani
Anil Ambani-led Reliance Communications has sold nearly 150 residential flats at Sea Woods complex in Navi Mumbai for Rs 330 crore for repayment of debt.

Reliance Communications in a statement said: “The sale consideration for the disposal of the flats at Navi Mumbai has been finalised at over Rs 330 crore. The disposal marks the commencement of Reliance Communications monetisation programme for surplus real estate owned by the company.”

“The entire proceeds from the monetisation of real estate will be utilised by RCOM for repayment of debt, as part of its overall deleveraging plans,” said Reliance Communications in a statement.

Reliance Communications has already received more than 50 percent of the sale proceeds, and the balance amount will be realised during the current financial year, upon completion of documentation, etc. presently underway.

The company also expects to finalise and announce plans very shortly for monetisation of its valuable real estate measuring nearly 4 acres, situated at a prime location in New Delhi.