Mumbai: Billionaire businessman Anil Ambani on 18th September announced that the cash-strapped Reliance Communications will be completely exiting the telecom business to concentrate on real estate in future.
The first priority for RCom, is to resolve its debt of over Rs 40,000 crore, to a group of 38 lenders, he said to shareholders at the company’s 14th annual general meeting.
“We have decided that we will not proceed in this sector. And many other companies have taken a similar call. This is very much writing on the wall, the future…As we have moved out of the mobile sector, we will monetise at an appropriate stage our enterprise business. Reliance Realty will be the engine of growth for the future of this company.” –Anil Ambani
The business tycoon further thanked his brother Mukesh Ambani, for his involvement in the Rcom.
“It would be most appropriate for me to thank and acknowledge the support (and) guidance extended to RCom and me personally by my brother Mukesh bhai Ambani.” – Anil Ambani
Ambani further mentioned that RCom is “committed” to exit these verticals as well to pay-off banks and will take a call on the same at an appropriate time,
RCom owns a subsidiary Reliance Realty, which will in Navi Mumbai, develop the DAKC he said, adding that it is an already registered IT and fintech park.
Ambani also added that in the next few months, he is confident of getting a solution, and mentioned that other monetization measures, including sale of telecom infrastructure and fibre to Reliance Jio, are at final stage of closure. He further added that the company is awaiting final consent for spectrum sharing and trading from the Department of Telecom.