scorecardReliance Communications says it will clear Rs 25, 000 crore debt by September end
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Reliance Communications says it will clear Rs 25, 000 crore debt by September end

Reliance Communications says it will clear Rs 25, 000 crore debt by September end
IndiaSmallbusiness1 min read
Anil Ambani-led Reliance Communications (RCom) said it will clear debt amounting to Rs 25,000 crore by September end.

RCom told its lenders it is going to seal two business deals and will pay the debt from the amount generated from these deals before September 30 this year.

"RCom has formally advised all its lenders that it will be making repayment of an aggregate amount of Rs 25,000 crore from the proceeds of these two transactions, on or before September 30, 2017," RCom said in a statement.

RCom's net debt stood at a whopping Rs 44,345.30 crore as on March 31 this year.

The assertion comes at a time when there are growing concerns over the company's debt repayment capability. There have been reports saying that the company defaulted on its loan obligations with more than 10 local banks.

RCom said that the Rs 25,000 crore that it plans to pay will cover not only all scheduled repayments, but also include substantial pre-payments to all lenders on a pro-rata basis.

"RCom is presently engaged in discussions with its lenders to obtain their requisite consent for the two transactions and to refinance scheduled instalments falling due in the interim period up to September 30, 2017, to facilitate expeditious closing of both transactions in the best interests of all stakeholders," an RCom spokesperson added.

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