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Brookfield will buy RCom's New Delhi and Chennai property

The telecom settled its eight month dispute with Swedish telecom equipment maker Ericsson
BY BEx Bureau
BusinessEx
May 31, 2018

Brookfield,Global asset management company will buy Reliance Communications' real estate assets in New Delhi and Chennai for some Rs800 crore.

"Its asset sale, which was given a go-ahead by National Company Law Appellate Tribunal (NCLAT), will be accountable for a total of Rs 18,100 crore.The Anil Ambani owned telecom operator said in a statement on Wednesday. It also added "RComs asset sale to Reliance Jio and Brookfield for an aggregate value of Rs 18,100 crore has been allowed to proceed by the Honble NCLAT. The assets sale includes spectrum, fiber, telecom towers, MCNs and certain real estate assets in Delhi and Chennai."

The telecom on Wednesday settled its eight-month dispute with Swedish telecom equipment maker Ericsson, over unpaid dues for Rs 550 crore. This will be a huge relief to the operator which will now be able to exit the insolvency proceedings and sell its wireless assets to Reliance Jio and repay lenders.

RCom is expecting to complete the sale of its assets by next few weeks as its legal disputes with Ericsson and minority shareholders of Reliance Infratel are resolved.

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