RCom may raise Rs 18,000 crore from the sale of wireless assets to Jio and real estate to Canada’s Brookfield and reduce its Rs 46,000 crore debt by repaying lenders.
Reliance Communications has informed the telecom department that it will shortly furnish bank guarantees worth Rs 774 crore and sell spectrum to Reliance JioInfocomm, which will meet all future liabilities associated with the airwaves.
As per media sources citing an expert, “There was a letter this week which assured the Department of Telecommunications that not only will bank guarantees of Rs 774 crore be taken care of but Jio will take care of the future spectrum related liabilities over the next 15-16 years.”
This means the government is assured of spectrum payment dues of about Rs 15,000 crore over the next decade and more, the official said. These airwaves were bought by RCom in the 2013 and 2015 auctions, with payment to be made over 18 years.