The company has decided to sell off some of the prime real estate property over the next 2-3 quarters. “QIP is the first milestone in RCom’s overall debt reduction plan… with real estate sale the company hopes, it will garner at least Rs. 5,000 crore to further reduce its debt,” a company source said.
RCom’s overall debt stood at Rs. 40,000 crore as on March 31 2014.
When contacted, the company spokesperson declined to comment.
“Amongst the initiatives laid out are monetising RCom’s asset includes, stake sale in the company’s international undersea cable arm Global Cloud Exchange and hiving off of its non-core DTH business, Big TV,” the source added.
The company is also likely to appoint consultants soon for selling its properties. “Knight Frank and CB Richard Ellis are likely to indentify the property for sale and also for developing commercial, residential and IT parks,” sources managing RCom’s asset monetisation plans said.