Mumbai: Billionaire Anil Ambani on Tuesday announced that cash-strapped Reliance Communications would be completely exiting the telecom business to concentrate on real estate in the future.

The first priority for R-Com is to resolve its over Rs 40,000 crore debt, he told shareholders at the company's 14th annual general meeting here.

"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, the future...

"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," Ambani said.

Pointing out to the 133-acre Dhirubhai Ambani Knowledge City (DAKC) on the outskirts of the financial capital, he said there is huge realty opportunity that R-Com's erstwhile corporate headquarters possess, and pegged the potential value creation at the site at Rs 25,000 crore.

R-Com owes over Rs 40,000 crore to a group of 38 lenders, including Chinese banks, and was resolving the debt through a strategic debt restructuring (SDR) process.

Ambani said he is confident of getting a resolution in the next few months and added that other monetisation measures, including the sale of telecom infrastructure and fibre to Reliance Jio, were at an advanced stage of closure.