Reliance Communications (RCOM) is planning to completely exit the telecom business, the group’s chairman Anil Ambani confirmed in a speech to shareholders. The debt-laden operators exited the retail mobile market in December last year, but continued to offer 4G services to its enterprise customers. As part of its debt-reduction plan RCOM had intended to maintain a presence in the telecom sector through its B2B enterprise and data centre businesses and its international submarine cable arm, Global Cloud Xchange (GCX) but soon began to look for a buyers for its remaining assets in an effort to reduce its debt pile of INR400 billion (USD5.5 billion). The Economic Times cites Ambani as saying that RCOM’s other asset monetisation plans, including the sale of infrastructure and spectrum to Reliance Jio Infocomm (Jio), are at an advanced stage of closure, with the company now waiting for final approvals for the transfer of spectrum from the Department of Telecommunication (DoT). RCOM would monetise its enterprise business ‘at an appropriate stage,’ the official was quoted as saying. As previously reported by TeleGeography’s CommsUpdate, the company began transferring elements of its infrastructure to Jio in August this year, whilst it has received bids from several parties interested in acquiring its enterprise and submarine cable businesses.