The Hindu Business Line : Reliance Info, Communications to write off Rs 4,500 cr

RELIANCE Infocomm Ltd and Reliance Communications Ventures Ltd will together make write-offs and provisions of around Rs 4,500 crore, the boards of the two companies decided on Monday.

These write-offs and provisions relate to the period prior to March 31, 2005, prior to the restructuring and demerger of the Reliance group, and are based on a report by a leading international accounting firm "and other relevant material" said a news release from the Anil Dhirubhai Ambani Enterprises group.

The write-offs relate to the following heads: liabilities relating to regulatory and taxation matters; bad debts and irrecoverable amounts; obsolete and slow-moving inventories; impairment of assets; and miscellaneous other items.

Post write-offs and provisions, the consolidated networth of RCVL would stand at about Rs 11,000 crore, said the statement.

Reliance Communications Ventures Ltd (RCVL), the holding company for Reliance Infocomm and Reliance Communications Infrastructure Ltd is proposed to be listed on the BSE and the NSE in the week of 6th March 2006, subject to necessary approvals.

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