Reliance writes off Rs 45 billion

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Reliance writes off Rs 45 billion

March 15, 2006

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Reliance Infocomm and Reliance Communications Infrastructure have approved a write-off aggregating Rs 45 billion for the period prior to March 2005.

The sum is a provision for the various bad debts and receivables under the previous management. As a result of the write off, the net worth of the company is expected to come down by Rs 110 billion. The write-off precedes the scheduled listing of holding company Reliance Communications Ventures Limited on the bourses in the week beginning March 6, 2006, subject to statutory approvals.