Reliance Communications’ unit sold to third party for non-repayment of debt

Reliance Communications has received a letter from Axis Trustee Services for invocation and sale of 100 per cent equity shares of Globalcom IDC Li­mi­ted (GIDC), for non-repayment of debt. GIDC is a step-down wholly ow­ned subsidiary of the company. Reliance Communications held a 100 per cent stake in GIDC through another subsidiary, Reliance Webstore Limi­ted. In August 2016, Reliance Communications and Reliance Infratel Limited had taken loans worth Rs 5.65 billion and Rs 6.35 billion respectively from the State Bank of India (SBI).