Lenders of debt ridden Reliance Communications have approved the sale of its real estate assets in Delhi and Chennai to Canada-based asset management firm Brookfield, said a source.
“Lenders have approved sale of real estate asset RCom holds in Delhi and Chennai for Rs 801 crore to Brookfield,” a source privy to the development told news agency Press Trust of India on condition of anonymity.
When contacted RCom declined to comment on the development, while email query sent to Brookfield elicited no immediate reply.
The proceeds will be used for retiring debts, the source said.
As per of its asset monetisation plans, RCom has been working on finding investors or buyers for prime real estate assets, including at Dhirubhai Ambani Knowledge City, Navi Mumbai, measuring nearly 125 acres with development rights of potentially over 17 million sq ft and prime property of 4 acre near Connaught Place, New Delhi.
RCom, which is reeling under Rs 45,000 crore debt, is under a standstill period (for interest and principal repayments) till December 2018 and expects to complete the SDR process as per applicable RBI guidelines.