Reliance Communications? chairman Anil Ambani on Tuesday said there will be further collaboration with elder brother Mukesh Ambani’s Reliance Jio Infocomm over the next few quarters as the latter prepares to launch 4G services in the country.
?Both the companies will come together for a wide range of services that would help Jio launch its 4G services in India,? Anil said at RCom’s AGM in Mumbai.
Ambani did not respond to shareholders’ queries on the debt reduction plan, but said the company is still in talks to sell stake in the subsidiary firm Reliance Globalcom. In April, the company had said it was in talks for a stake sale with a private equity consortium led by Samena Capital, after talks with Bahrain Telecommunications Co (Batelco) fell through. RCom has debts of about R38,000 crore.
Ambani was hopeful that the company will be able to service the foreign debt with Globalcom?s forex earnings even as the rupee depreciates to new lows.
Ambani also remained optimistic about the telecom sector. He maintained the telcom sector will see a wave of consolidation, with only 4-5 large players in the next couple of years. ?In the next few years, the telecom sector will perform better than other sectors despite a slowdown in the economy,? he said.
RCom has already inked two agreements with Reliance Jio.
