RCom sells assets worth ₹ 2,000 crore to Reliance Jio
The sale of media convergence nodes concluded today represents the initial tranche of the planned RCom-Reliance Jio deal
Mumbai: Reliance Communications Ltd (RCom) today said it has completed the sale of its media convergence nodes and related infrastructure assets worth ₹ 2,000 crore to Reliance Jio Infocomm Ltd. The company said 248 MCNs covering about 5 million sq.ft of area used for hosting the telecom infrastructure were transferred to Reliance Jio.
“Reliance Communications Ltd (RCom) today announced the completion of the sale of its MCNs and related infrastructure assets, worth ₹ 2,000 crore, to Reliance Jio Infocomm,” the RCom statement said.
RCom had earlier in August reinstated bank guarantees worth ₹ 774 crore with the department of telecommunications, ahead of the timeline set by the telecom tribunal, and had said that its ₹ 25,000 crore asset sale plans are “on track”.
RCom had in December 2017 signed a pact with Reliance Jio for sale of wireless spectrum, tower, fibre and MCN assets, the proceeds of which were to be used to reduce debt. The deal packed in 122.4 MHz of 4G spectrum in the 800/900/1800/2100 MHz bands, over 43,000 telecom towers, 178,000 km of fibre and 248 media convergence nodes. The MCN sale concluded today represents the initial tranche of the planned larger deal.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.
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