InvestorQ : How much does RCOM actually owe to its creditors, including banks?
Riya Dwivedi made post

How much does RCOM actually owe to its creditors, including banks?

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shrinidhi Rajan answered.
2 months ago
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Reliance Communications or RCOM has confirmed that it owes nearly Rs.26,000 crore to Indian banks and financial institutions. During the insolvency proceedings, banks, vendors and creditors had put up claims of Rs.86,000 crore. The figure of Rs.26,000 crore has been certified by the Resolution Professional appointed by the lenders.

Total claims by the lenders were to the tune of Rs.49,000 crore which includes outstanding amounts of RCOM and Reliance Infratel also. The resolution plan is expected to help the banks and other lenders recovery nearly 70% of their dues from RCOM group. The telecom space got into a mess after Reliance Jio went on an aggressive price cutting spree.

To an extent, the entire telecom industry got hit by the Jio storm with Aircel, Sistema, Videocon, Tata DoCoMo and RCOM being forced to shut down. While Bharti did managed to survive the onslaught, the other major player, Vodafone Idea, is now sitting on accumulated losses of Rs.115,000 crore and has been losing customers consistently each month.

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