In an interim order passed today, the NCLAT has vacated the stay of Reliance Communications (RCOM) in relation to sale of its tower and fiber assets and allowed execution of sale deeds and deposit of the proceeds with SBI in an escrow account.
Based on these orders, RCOM can now proceed with completion of its entire asset monetisation plan, covering spectrum, towers, fiber, MCNs and real estate.
RCOM is now very confident of achieving overall debt reduction of approx. Rs. 25,000 crore within the next few weeks, from its asset monetisation programme as detailed in its media release of 26th December, 2017. The distribution of proceeds of only the tower and fiber will be subject to the final decision of the NCLAT on 18th April, 2018.
Based on legal advise, RCOM believes the claim of the minority investors in the tower and fiber proceeds, which is fully disputed by RCOM, can at best be Rs. 200 – 300 crore.
Yesterday, the Supreme Court had vacated the stay in relation to spectrum, MCNs and real estate.