Rcom in Contact with Two Buyers To Sell its Remaining Business

Описание: Rcom in Contact with Two Buyers To Sell its Remaining Business.Two buyers, including a consortium of four funds, have evinced interest in buying or taking a controlling stake in the leftover businesses of Anil Ambani group's embattled telecom arm, Reliance Communications (RCom).The company which exited the flagship wireless businesses due to financial pressures and is also selling its spectrum, is looking to sell off the enterprise-focused offerings including subsea cables, international fixed line and data centres businesses. "We also do have two strategic buyers that are looking at the company today as we speak. We will see where it can go over the next few months," RCom's chief executive officer, Bill Barney, told reporters here.

He said the buyers will look for either a 100 per cent buy or at least a controlling stake. The company is optimistic of having a networth of USD 1 billion, he said.

At the company's annual general meeting earlier this month, Ambani had announced that RCom will be completely exiting the telecom business to concentrate on real estate in future. The proceeds from the sale will go to its creditors, he had said.

RCom had to be dragged into the strategic debt restructuring (SDR) after it failed to meet its debt repayment commitments to a group of over dozen banks including Chinese lenders to which it owes nearly Rs 45,000 crore.

Under severe financial pressure, the company exited the consumer-facing flagship wireless business late last year and also announced a sale of its spectrum assets to Reliance Jio, whose entry has severely affected the telecom sector.

The RCom scrip rose reacting to the announcement and closed 11.26 per cent higher at Rs 12.85 a piece on the BSE Wednesday, against a 0.30 per cent correction in the benchmark.