Reliance Communications Sells 150 Flats for Rs 330 Crore

property news in goaReliance Communications on Monday said it had sold nearly 150 residential flats in Navi Mumbai for Rs 330 crore as part of its asset monetisation plans aimed at lowering debt.

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

The entire proceeds from the monetisation of real estate will be utilised by the company for repayment of debt, as part of its overall deleveraging plans, the statement said.

RCom has set a target to cut its debt from Rs 39,894 crore to under Rs 10,000 crore.

The Anil Ambani-led firm said it had already received more than 50 per cent of the sale proceeds of nearly 150 residential flats situated at Sea Woods complex in Navi Mumbai, and the balance amount will be realised during the current financial year, upon completion of documentation, etc, currently underway.

RCom said it also expects to finalise and announce plans very shortly for monetisation of its real estate asset measuring nearly 4 acres, situated at a prime location in New Delhi (just off Connaught Place).

On December 4, RCom said that it has signed a non-binding pact to sell its cellular towers to private equity firm Tillman Global Holdings LLC and TPG Asia Inc in an estimated Rs 30,000 crore deal to pare debt.