Skip to content
Search

Latest Stories

Anil Ambani sews up yet another revival plan for Reliance Communications

Reliance Communications (RCom) announced yet another debt revival plan today claiming full debt resolution by March but without involving any conversion of debt into equity and exiting the SDR framework, apart from coming on-board of a strategic investor.

Anil Ambani today claimed his beleaguered Reliance Communications has negotiated a new deal with the lenders under which nearly Rs 40,000 crore (million) will be raised through asset sales, averting an imminent takeover by the 35 local and foreign banks.


Announcing the resolution plan, company Chairman Anil Ambani told reporters that the new plan has the support of a Chinese lender that had dragged it to the National Company Law Tribunal (NCLT) for dues running into $1.8 billion, and would see RCom bringing down its mountain of debt by Rs. 25,000 crore (million).

This loan, involves sale of RCom's residual spectrum, towers and realty assets, including the 125-acre DAKC, which is the operational headquarters of the group, and also a possible minority stake sale to a strategic investor, Ambani told the media.

"Today, the fact of the matter is, we've had an understanding and an arrangement with all the lenders to ensure a substantial prepayment, the residual debt to be duly addressed and a viable business model for a new RCom with no risks to the banks by way of conversion or write-offs," Ambani, said after convincing China Development Bank.

He said the deal involved an eight-stage asset monetisation process under an oversight committee headed by former RBI deputy governor S S Mundra with members from Trai and the whole process will be completed in 40 days flat.

The plan is part of a "moral finance" drive undertaken by the company which will help protect Reliance and the Ambani family goodwill in the market, he claimed.

On the no hair-cut for lenders, he said the new plan involves zero equity conversion for lenders and bond holders.

Ambani said RCom conducted a long meeting with the lenders recently where the plan was discussed.

Accompanied by wife Tina and son Anmol, Ambani, who got control over the telecom assets following a very bitter feud with his elder brother Mukesh following their father Dhirubhai's death in 2002, said it has been a daunting process in which he learnt a lot.

More For You

Shein-Reuters

Shein had aimed to go public in London in the first half of this year, subject to regulatory approvals in the UK and China. (Photo: Reuters)

Shein cuts valuation to £40 billion for London listing

SHEIN is preparing to lower its valuation to around £40 billion for a potential initial public offering (IPO) in London, according to three Reuters sources familiar with the matter.

This is nearly 25 per cent lower than the company's 2023 fundraising valuation as it faces increasing challenges.

Keep ReadingShow less
Northern-Superchargers-Getty

Ben Stokes and Matthew Short of Northern Superchargers walk out to bat during The Hundred match between Manchester Originals and Northern Superchargers on August 11, 2024 in Manchester, England. (Photo: Getty Images)

Sunrisers Hyderabad to acquire Northern Superchargers in £100 million deal

INDIAN Premier League franchise Sunrisers Hyderabad is set to become the first full owners of an English Hundred team after agreeing to buy Yorkshire’s Northern Superchargers for a reported £100 million.

The Sun Group will be the third IPL-linked investor in the eight-team Hundred competition, following Reliance Industries, which owns Mumbai Indians, and RPSG, which runs Lucknow Super Giants.

Keep ReadingShow less
BT-Getty

A view of the British Telecom (BT) headquarters in central London. (Photo: Getty Images)

BT to remove diversity targets from manager bonuses

BT will remove diversity, equity, and inclusion (DEI) targets from its manager bonus scheme, replacing them with a measure of overall employee engagement.

The change, set to take effect in April, follows consultation with major investors and has received “strong support,” according to the company, The Telegraph reported.

Keep ReadingShow less
India's central bank cuts interest rates for first time since 2020

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.. (Photo credit: Reuters)

India's central bank cuts interest rates for first time since 2020

THE RESERVE BANK OF INDIA (RBI) reduced interest rates on Friday for the first time in nearly five years, citing concerns over economic growth despite inflation risks.

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.

Keep ReadingShow less
Sri Lanka seeks to negotiate with Adani over renewable energy plants

Gautam Adani

Sri Lanka seeks to negotiate with Adani over renewable energy plants

SRI LANKA’S government started talks with India’s Adani Group to lower the cost of power from two wind power projects the group will build in the island nation’s northern province, the cabinet spokesman said last Tuesday (28).

Sri Lanka has been reviewing the group’s local projects after US authorities in November accused billionaire founder Gautam Adani and other executives of being part of a scheme to pay bribes to secure Indian power supply contracts. Adani has denied the allegations.

Keep ReadingShow less