Reliance Info writes off Rs 4500 crores

Category: Reliance | No Comments | Posted on February 20, 2006

Reliance Infocomm has decided to write-off Rs 4,500 crore for liabilities relating to “regulatory and taxation matters, bad debts and irrecoverable amounts, obsolete and slow moving inventories and impairment of assets.”

The Boards of Directors of Reliance Infocomm and Reliance Communications Infrastructure Ltd, the two major operating companies under Reliance Communications Ventures Ltd, approved the write-offs at its meeting on Monday.

Post write-offs and provisions, the proforma consolidated networth of Reliance Communications Ventures Ltd stands at about Rs 11,000 crore. Reliance Communications Ventures is scheduled to be listed on the bourses on March 6, 2006, subject to necessary approvals.

Source: ET

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