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RCOM debt cut by Rs 25K cr to Rs 6K cr by monetising assets: Anil Ambani (Lead)

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7 years ago

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Mumbai, Dec 26 (IANS) Reliance Group Chairman Anil Ambani on Tuesday said the company has achieved full resolution of Reliance Communications’ (RCOM) debt reducing it by Rs 25,000 crore, to Rs 6,000 crore.

“We have achieved resolution that involves Reliance Communications exiting strategic debt recast. Clearly and truly this is a historical achievement for any group. RCOM debt will reduce by Rs 25,000 crore, The entire monetisation process to repay debt of lenders will be completed by January-March 2018 in a phased manner,” Ambani told reporters here.

Reliance Communications had close to Rs 45,000 crore debt on its books in October 2017, he had said. The RCOM stock rose sharply on announcment, closing at 30 per cent high at Rs 21.33.

Saying that going forward Reliance Communications will be a buisness-to-business (B2B) company, he added the company achieved this debt restructuring by asset monetisation and selling real estate”

“The new company will have a debt of Rs 6,000 crore,” he said.

The reduction would allow RCOM to provide “zero write-offs to all lenders and bondholders.”

“There will be no conversion of debt to equity as well,” Ambani said.

He said the company had faced a lot of headwinds in the last few months with respect to National Company Law Tribuna”.

“It was challenge…how do you really manage 35 global and Indian banks to come on the same page?” Ambani said.

He said for the new RCOM 50 per cent of revenue will come from outside India.

“Reliance Communications will be now one of the strongest entreprise business of India,” Ambani added.

–IANS
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Apple is giving a huge discount on its gadgets: Details inside

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2 years ago

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May 5, 2022

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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