RCom gets NCLAT nod to sell assets
Posted at: Apr 7, 2018, 12:50 AM
Last updated: Apr 7, 2018, 12:50 AM
Techenonik
April 6
Reliance Communications (RCom) on Friday said it has received the National Company Law Appellate Tribunal’s (NCLAT) approval to proceed with the sale of its tower and fiber business.
As directed by the Supreme Court, RCom moved the NCLAT on Friday for the vacation of stay in relation to sale of its tower and fiber assets, the telecom operator said.
By an interim order passed on Friday, the NCLAT has vacated the remaining stay, and allowed execution of sale deeds and deposit of the proceeds with SBI in an escrow account, the company said in its filing.
Based on these orders, RCom can now proceed with completion of its entire asset monetisation plan, covering spectrum, towers, fiber, MCNs and real estate, the company said adding that RCom is now confident of achieving overall debt reduction of approximately Rs 25,000 crore within the next few weeks.
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