December 26, 2017 / 9:40 AM / 10 months ago

India's RCom announces new debt reduction plan with no write-offs

MUMBAI, Dec 26 (Reuters) - Anil Ambani, the businessman backing India’s Reliance Communications Ltd, said on Tuesday the company would reduce its debt by about 250 billion rupees ($3.90 billion) through the sale of some of its spectrum, tower and real estate assets.

The reduction would allow the company to provide “zero” write-offs to lenders and bondholders, as well as no conversion of debt to equity, Ambani told a news conference. ($1 = 64.0600 Indian rupees) (Reporting by Zeba Siddiqui in Mumbai; Editing by Rafael Nam)

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