Reliance Communications headquarter likely to come up for sale
The headquarter of Reliance Communications will soon come up for sale. The erstwhile Anil Ambani group company has informed the exchanges that the board of directors of two of its wholly-owned subsidiaries – Reliance Realty Ltd (RRL) and Campion Properties Limited (CPL) – have approved the initiation of sale process for certain properties owned by two companies. These Properties also include headquarters of Reliance Communications situated at Dhirubhai Ambani Knowledge City (DAKC).
It further said that the sale of the Properties will also require the approval of Reliance Communications, which is the sole shareholders of RRL and CPL. The two subsidiaries have intimated the same to Reliance Communication regarding the proposed process being initiated by the two subsidiaries for identification of potential buyers, and at the time of finalisation of the terms of sale, RRL and CPL will approach Reliance Communication for seeking necessary approvals.
The resolution professional of Reliance Communications has intimated and deliberated over the above matter with the committee of creditors of the Company; however, no approval has been sought from or given by the committee of creditors regarding the sale of the Properties at this stage, the company said in an exchange filing.
Campion Properties Limited owns Reliance Centre in Delhi (earlier Ranjit Hotel) spread over 3.7 acres of land with 1.6 lakh sq ft built up area located at prime location – Maharaja Ranjit Singh Marg, New Delhi.
Reliance Realty Limited houses DAKC spread over 132 acres of land in Navi Mumbai with development rights under Fintech policy. It also owns seven buildings with 3.9 lakh sq. ft built up area in Millennium Business Park, Navi Mumbai.
However, the company has denied media reports that the sale of the said properties has been initiated by the Committee of Creditors.
Reliance Communications Limited is under corporate insolvency resolution process, and its affairs, business and assets are being managed by, and the powers of the board of directors are vested in Resolution Professional Anish Niranjan Nanavaty since 28 June 2019.
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