Reliance Communications sells 150 flats in Navi Mumbai for Rs 330 crore; to use proceeds to repay debt

KOLKATA: Reliance Communications (RCom) has sold nearly 150 residential flats in Navi Mumbai for a shade over Rs 330 crore, as the Anil Ambaniowned telco takes more steps to repay debt which has been an overhang for several years now.

The telco has already received more than 50 per cent of the sale proceeds, and the balance sum will be realised during the current financial year ending March 31, 2016, "upon completion of documentation, etc. presently underway," the company said in a statement.

The telco added that it will shortly announce the sale of another prime four-acre property in New Delhi just off Connaught Place. It, however, didn’t say how much it may realise from the forthcoming sale.

The entire proceeds from the monetisation of real estate will be used for repaying debt as part of its overall deleveraging plans, the company said.

Earlier, RCom signed a non-binding agreement to sell its telecom towers to Tillman Global Holdings and private equity buyout group TPG.