The Company has been engaged in discussions with its lenders to finalise an overall debt resolution plan, with the objective of:

• Expeditiously closing the already announced strategic transactions with Aircel and Brookfield, to immediately reduce debt from Rs.45,000 crore to approx. Rs.20,000 crore; a reduction of 60% OR Rs. 25,000 crore.

• Developing a sustainable long term plan for servicing the Company's remaining debt.

Based on applicable guidelines, the lenders have today constituted a Joint Lenders' Forum (JLF) to consider and approve the Company's plans in this regard.

The lenders have taken note of the advanced stage of implementation of RCOM's strategic transformation programme involving inter alia the transactions for the Wireless and Towers Business.

The lenders have proposed to give time of 7 months till December 2017 to complete the above transactions, and reduce its debt by a substantial amount of Rs 25,000 crore, or 60%.

RCOM will also present to the lenders its sustainable long term plans for servicing the remaining debt of Rs 20,000 crore.

As part of the above, there will be a Standstill on the Company's debt servicing obligations for the next 7 months till end December, 2017.

In the event the transactions are not completed in the above timeframe, the Lenders may exercise their right to convert their debt, in accordance with applicable SDR guidelines.

The above is subject to lenders' formal approvals and all other approvals as may be necessary under law.