The first priority for RCom, is to resolve its over Rs 40,000 crore debt, Anil Ambani told shareholders at the company's 14th annual general meeting.
Last week, Reliance Communications had completed the planned sale of its media convergence nodes (MCNs) and related infrastructure assets, worth Rs 2,000 crore, Reliance Jio Infocomm.
Reliance Communications in a regulatory filing said that it has "agreed to pay a settlement amount of Rs 550 crore to Ericsson on or before September 30, 2018".
The top court refused to lift the stay ordered by the arbitral tribunal and set aside the March 8 order of Bombay High Court by which R-Com's petition was dismissed.
The agency said it expects RIL to pay less than Rs 25,000 crore for the acquisition as it is acquiring only the towers, optic fiber cable network, spectrum and media convergence nodes, and not the realty assets.
Anil Ambani said on Tuesday that the company has achieved full resolution of RCom's debt, cutting it by Rs 25,000 crore to Rs 6,000 crore by monetising assets.
Reliance Group's Chairman Anil Ambani on Tuesday announced plan to reduce the company's debt by Rs 25,000 crore to Rs 6,000 crore.
The ICBC and Export-Import Bank of China are planning to support China Development Bank's insolvency petition against RCom.
In a statement issued on Monday, RCom said it was ‘surprised’ by the ‘untimely and premature action’ of the China Development Bank.
Moody's Investors Service has withdrawn debt-laden Reliance Communications' corporate family rating, citing a missed scheduled payment related to the company's dollar bond.
Shares of debt-ridden Reliance Communications touched a new low of Rs 9.75 in its first ever fall to single digits.
Reliance Communications' board also approved issuing 10 per cent equity in the company to Sistema Shyam Teleservices, as part of the agreement between the two.
RCom offered a comprehensive debt-resolution plan to its domestic and foreign lenders, saying it will not involve any loan write-off by the lenders.
Reliance Communications has asked most its employees to exit the company by November 30, a media report said.
The merger between Sistema Shyam and Reliance Communications promises Rs 700 crore extra income and two million new users for Anil Ambani's telco.
Aircel, however, denied the reports and added that the business at the company was going on as usual.
Anil Ambani-led Reliance Communications is reeling under debts and faced credit downgrades over its inability to pay back loans
Anil Ambani-led Reliance Communications is struggling to repay Rs 45,000 crore of debt to its lenders.
Reliance Communications has close to Rs 45,000 crore debt on its books.
The Anil Ambani-owned firm has defaulted on its loan servicing obligations with more than 10 banks.
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