RCom sells flats in Navi Mumbai for Rs. 330 Crores to repay debt

Reliance Communications said today that it has sold over 150 residential flats in Navi Mumbai for Rs 330 Crores. The revenue will be used to repay the company’s huge debt.

"RCom has already received more than 50% 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 said in a statement.

The huge sale is part of the company's strategy to monetize real estate to reduce it’s overwhelming debt.

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