Rating agency Fitch expects RCom to gradually exit from the wireless voice business and significantly scale down its operations due to intense competition. It said in the report that the Anil Ambani-owned operator will ‘focus on offering 4G services as a mobile virtual network operator (MVNO) after selling its spectrum assets’. Shares of RCom closed at Rs 17, down 0.87%, on the BSE on Wednesday.

“Lenders will convert Rs 7,100 crore worth of debt into equity (under the strategic debt restructuring plan of the Reserve Bank of India). Post debt monetisation through sale of real estate assets, the company would have only Rs 6,000 crore of debt left,” said Puneet Garg, executive director and chief financial officer.

The company has also asked around 1,000 employees to leave by the end of November.

“DTH operations are a no-core area for RCom, and we are currently working with three leading DTH operators for seamless migration of our customers, for them to enjoy uninterrupted services. A new scheme without any additional costs will be communicated to our customers in the next few days,” said an official spokesperson of Reliance Communications.

RCom will acquire about two million customers of Sistema Shyam, which operates under the brand name MTS, and additional annual revenues of around Rs 700 crore, the company said in a notice to the BSE.

The RCom stock opened on at Rs 18.70 on the BSE, then lost further ground and fell to an intra-day low of Rs 16.75.

“Legal and regulatory uncertainties, and various interventions by vested interests, have caused inordinate delays in receipt of relevant approvals for the proposed transaction,” RCom said in a statement.

The key operational creditors — those who have dues because they provide a service, not because they lent money — are Ericsson, GTL Infrastructure, and Bharti Infratel.