- The company has agreed to a changed debt repayment plan with lenders
- The company shall provide only 4G data services to its customers
- Reliance Communications is reeling under debt of around Rs. 46,000 crore
The move comes after the company, reeling under debt of around Rs. 46,000 crore, failed to close to its wireless business merger deal with Aircel in October.
The company has also agreed to a changed debt repayment plan with its lenders, including a pledge to raise up to Rs. 17,000 crore ($2.6 billion) by selling assets such as mobile towers, it said.
Anil Ambani has said RCom would repay lenders an additional Rs. 10,000 crore through the sale and commercial development of its real estate near Mumbai and in eight other cities.
RCom and Aircel in September last year had signed a binding agreement to merge their mobile businesses. But, later, RCom announced that the agreement had lapsed owing to legal and regulatory uncertainties, objections by interested parties and delays in receiving relevant approvals.
The telecom regulator said that RCom has informed it has sent all the necessary information regarding closure of voice calls along with option to port out any operators in case subscriber do not wish to continue with 4G data services of the company.
Rcom is set to hold a board meeting to consider and announce its results for its September quarter on November 11.
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