Reliance Communications (RCom), led by Anil Ambani, has drawn up a debt resolution plan that involves the sale of its key assets.

Announcing the company's exit from the strategic debt restructuring process, RCom said it is planning to reduce its debt by 87 per cent to about Rs 6,000 crore. To achieve this, RCom will sell its spectrum, towers, optical fibre and certain real estate assets to generate about Rs 25,000 crore.

The commercial development of the Dhirubhai Ambani Knowledge City (DAKC) campus will lead to reduction of RCom's debt by a further Rs 10,000 crore, said Ambani. A global private equity player has agreed to invest another Rs 4,000 crore in the company. On completion of these transactions, RCom’s debt will decrease to Rs 6,000 crore, from Rs 45,000 crore.

“These transactions will lead to about 87 per cent reduction in RCom’s total debt and liabilities, the largest ever in the history of corporate India. What we have achieved, in the face of extraordinary challenges, is truly historic and unprecedented in Indian corporate history,” Ambani said.

“We have received all final binding bids and expect full and financial closure between January and March 2018,” Ambani added.

According to this report, RCom will now be "transformed from a business-to-consumer (B2C) into a business-to-business (B2B) entity, which will provide submarine cable systems that will deliver the latest sub-sea cable technology to meet growing cloud infrastructure and data capacity demand from global enterprises and over-the-top, or OTT, service providers".

Ambani was quoted as saying that "the new RCom will be valued at Rs 15,000 crore". The business, he said, "will be based on a capex-light model and will generate sustainable cash flows, with 50 per cent of revenue and 60 per cent of operating profit coming from outside of India".