Reliance Communications Plans to Completely Cut from Telecommunication Business, Focus on Realty Business

Mumbai: Anil Ambani has announced on Tuesday that Reliance Communications, which is facing cash crisis, will come out completely from its telecommunications business and will focus only on real estate business in the future. In the 14th Annual General Meeting of the company here, Ambani said that RCom's first priority was to solve the debt crisis of more than Rs 40,000 crore. The company had worked in the field of telecom service in 2000 with a cheaper offer. He said, "We have decided that we will not go ahead in this field. Many other companies have also made the same decision. This is a picture of the future which is clearly visible. "

Ambani said, "As we get out of the Mobil area, we will monetize our enterprise business at the right time. Reliance Realty will be the engine of growth in the future. "About Dhirubhai Ambani Knowledge City situated on 133 acres of land on the outskirts of the commercial capital of the country, he said that there is considerable potential for realty business in this sector. RCom used to be the corporate headquarters in this area.

He has valued the value of Rs. 25,000 crores for this. RCom is under debt burden of Rs 40,000 crore. There are loans to 38 lenders, including the Chinese bank. The company is engaged in a solution through a debt restructuring process. He said that the company is awaiting final approval for spectrum partnership and business from the Department of Telecom. In his address, Anil Ambani thanked the elder brother Mukesh Ambani. Mukesh Ambani's company Reliance Jio helped monetize efforts of RCom properties.