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Economy

Reliance Communications asset sale speeds India telecom shakeout

Company's restructuring plan aims to settle debts, focus on B2B

Reliance Communications, until recently the No. 5 player in India's wireless telecoms market, will restructure and focus on business to business commumunications. (Photo by Mamoru Yago)

MUMBAI -- Reliance Communications Chairman Anil Ambani presented a revised debt resolution plan on Wednesday aimed at reducing the company's liabilities from 450 billion rupees ($7 billion) to 60 billion rupees by March 2018 by withdrawing the company from the consumer wireless business and unloading assets, including real estate.

The plan presented by the heavily indebted company is part of its exit from a statutory debt restructuring process its has been negotiating with lenders since June. The company's management will retain control of the company and will not provide creditor banks with ownership stakes, as promised earlier.

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