RCom Plans To Raise Annual Capex To Rs 4,000 Crore
RCom is eyeing to focus more on on 3G and 4G services amid intense competition.
Meanwhile, the company is also planning to seal the tower deal in days to come.
The company controlled by billionaire Anil Ambani had earmarked a capex of ₹3,000 crore for this financial year, which is now being increased by another ₹1,000 crore.
The company’s capex for the previous financial year stood at ₹1,500 crore. RCom had earlier entered into a non-binding agreement with Reliance Gio to sell its telecom towers to two private equity firms, with a January 15 deadline for talks. However, this deadline was extended by another 15 days.
On December 4, 2105, RCom had signed non-binding agreements with private equity firms Tillman Global Holdings and TPG Asia to sell its tower assets. Separately, the firms were also evaluating to acquire RCom’s nationwide inter-and intra-city optical fibre assets.
Together the transactions were expected to fetch about ₹30,000 crore, all of which were to be used to pare RCom’s debt, which was at about ₹40,000 crore.