Anil Ambani led Reliance Communications (RCom) has decided to exit the telecom business entirely. The company will now focus on real estate, enterprise business and submarine cable unit Global Cloud Xchange (GCX).
Reliance Communications has started Dhirubhai Ambani Knowledge City (DAKC) at a cost of Rs 25,000 crore.
“We have decided that we will not proceed in this sector. And many other companies have taken a similar call. This is very much a writing on the wall,” Anil Ambani, Chairman of the company, told shareholders at its 14th AGM.
“As we have moved out of the mobile sector, we will monetise at an appropriate stage our enterprise business. Reliance Realty will be the engine of growth for the future of this company,” Anil Ambani said, replying to a question.
Reliance owned GCX is covering 69,000 route km of sub sea cables. The country’s largest data centre is also owned by Reliance.
The plan is to build a high-tech smart city, a green city and a green knowledge park at DAKC.
RCom has already exited the wireless business late last year.. It is selling its assets to Reliance Jio to reduce its Rs 46,000-crore debt.