Reliance Communications, the Indian mobile phone operator controlled by billionaire Anil Ambani, is facing mounting pressure over its debt obligations after revealing its first-ever annual loss in the country's fiercely competitive telecoms market.
MUMBAI: Reliance Communications (Rcom) has presented a long-term debt reduction plan to lenders, which includes sale of real estate, under-sea cable assets and its DTH business, people familiar with the matter said to stagger down debt to reduce 60 per ...
Shares in Reliance Communications are down again in the wake of the telco's credit rating being downgraded. On Tuesday, Moody's Investors Services cut RCom's corporate rating to Caa1, indicating high credit risk.
Reliance Communications's continued losses are, in part, a result of competition from free voice and cut-price data plans offered by Reliance Jio Infocomm, the telecom start-up backed by Anil Ambani's elder brother Mukesh.
Shares of Reliance Communications advanced on Monday after Anil Ambani on Friday sought to reassure investors that the debt- laden telecom firm has been given a reprieve of seven months to service its debt.
Billionaire Anil Ambani's Reliance Communications Ltd. has approached Citic Telecom International Holdings Ltd. as it makes a fresh attempt to attract a buyer for its undersea cable unit, people with knowledge of the matter said.