At the company’s annual general meeting (AGM), Reliance Group chairman Anil Ambani claimed that Reliance Communications Ltd will completely exit the telecom business to concentrate on real estate in future. He added RCom’s first priority is to resolve its over Rs. 40,000 crore debt.
Ambani said “We have decided that we will not proceed in this sector. And many other companies have taken a similar call. This is very much a writing on the wall. As we have moved out of the mobile sector, we will monetise at an appropriate stage for our enterprise business. Reliance Realty will be the engine of growth for the future of this company.”
During the RCom AGM, Anil Ambani also mentioned his brother, “It would be most appropriate for me to thank and acknowledge the support (and) guidance extended to RCom, and me personally, by my brother Mukeshbhai Ambani.”
Talking about the RCom’s debt, Ambani said he is confident of getting a resolution in the upcoming few months, and added that other monetisation measures, including the sale of telecom infrastructure and fibre to Reliance Jio, are at an advanced stage of closure.
Ambani also said that Reliance Realty, a wholly-owned subsidiary of RCom will develop Dhirubhai Ambani Knowledge City in Navi Mumbai, adding that it is an already registered IT and fintech park. The company has 3 million sq. ft of built-up space, which will be leased out to multinationals.