Lenders look to bag Rs 8,000 crore from sale of RCom's prime property

Will hold auction to sell 56-acres of prime real estate in Navi Mumbai, expect higher valuation due to construction of new airport in the vicinity

Dev Chatterjee Mumbai
Ericsson was opposed to RCom's move of undergoing insolvency proceedings as it would then have to let go of the money it had received

Reliance Communications was sent for debt resolution in 2019 after it defaulted on its debt worth Rs 45,000 crore

Lenders to Reliance Communications (RCom) are planning to approach top Indian corporates and real estate developers, including Mukesh Ambani-led Reliance Industries (RIL), to sell its 56-hectare property in Navi Mumbai where the bankrupt telco’s headquarters are also situated. They expect to fetch Rs 8,000 crore by selling it, sources said. 
The lenders are in touch with potential buyers to sell the property, Dhirubhai Ambani Knowledge City (DAKC), and expect a higher valuation because of the construction of a new airport in the vicinity. 
“An investment banker will be appointed to sell the land. It would approach top companies and real estate developers to sell the building and the piece of land, which is ideal for data centres, new hotels, and residential development,” said a source close to the development. It would be sold via an auction, the source said.

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First Published: Jan 24 2023 | 6:55 PM IST

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