Reliance Communications to exit telecom business fully to concentrate on real estate: Anil Ambani
Billionaire Anil Ambani on Tuesday announced that the cash-strapped Reliance Communications will be completely exiting the telecom business to concentrate on real estate in future. Pointing out to the 133-acre Dhirubhai Ambani Knowledge City on the outskirts of the financial capital, he said there is huge realty play opportunity that RCom's erstwhile corporate headquarters possesses, and pegged the potential value creation at the site at Rs 25,000 crore. Anil Ambani also thanked his elder brother Mukesh Ambani, who is credited with conceptualising the undivided group's telecom foray and also bought the assets as part of the beleaguered RCom's monetisation efforts. Anil Ambani on Tuesday said there has been a "creative destruction" of the telecom sector that has resulted in creation of oligopoly which is going towards a duopoly and may be even a monopoly in the future.
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