Lenders to take 51% stake in RCom after debt conversion
Anil Ambani-led Reliance Communications has said that lenders will convert debt of â¹7,000 crore to equity to gain 51% control of RCom. The firm will sell telecom tower and real estate businesses to pay off â¹27,000 crore out of â¹45,000 crore of debt. The company said it has made a comprehensive "debt resolution plan to its domestic and foreign lenders".