Reliance Communications presents new debt repayment plan

Indian telecoms carrier Reliance Communications Ltd unveiled on Monday a new debt repayment plan, which included a pledge to raise up to 170 billion rupees ($2.62 billion) through the sale of assets such as mobile towers.

RCom, as the debt-laden company is commonly called, also said it would repay lenders an additional 100 billion rupees through the sale of commercial real estate, and convert about 70 billion rupees of the debt to 51 percent of the company`s equity.

RCom, controlled by billionaire Anil Ambani, will retain debt of 60 billion rupees after the completion of the new repayment plan, the company added.($1 = 64.8500 Indian rupees)

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