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Shareholders approve RCom's asset monetization plan

Shareholders of Reliance Communications Ltd. approved the company's asset monetization plan.

According to a Feb. 16 press release, 99.91% of Reliance Communications' shareholders consented through a Feb. 15 postal ballot to the resolution to monetize the "Spectrum, Towers, Fiber, Telecom Infrastructure and other assets" of the company.

The asset monetization is "proceeding on fast track to close by March 2018," the company said, adding that it is subject to lenders' consents and other regulatory approvals.

Debt and liabilities of the company is expected to be lower by 250 billion Indian rupees following the completion of the asset monetization, through prepayment of debts and the transfer of Department of Telecommunications' (India) spectrum installments.

In October 2017, the Indian telco unveiled a debt resolution plan that aims to pay off up to 170 billion rupees through asset monetization involving Reliance Communications' spectrum, multi-convergence nodes, or MCNs, and tower and fiber assets.

As of Feb. 16, US$1 was equivalent to 64.34 Indian rupees.