RCom completes ₹ 3,000 crore asset sale to Reliance Jio

In December 2017, as part of its debt resolution plan, RCom had struck a ₹ 25,000-crore deal with Reliance Jio for the sale of its assets. Photo: Bloomberg

Mumbai: Anil Ambani-led Reliance Communications Ltd on Monday said it has completed the sale of fibre assets worth ₹ 3,000 crore to elder brother Mulesh Ambani-led Reliance Jio Infocomm Ltd. After the completion of the fibre monetisation transaction, 178,000 kilometres of fibre stand transferred to Reliance Jio, RCom said in a statement to the BSE.

RCom had last week completed the sale of its media convergence nodes and related infrastructure assets worth ₹ 2,000 crore to Reliance Jio. The company said 248 MCNs covering about 5 million sq.ft of area used for hosting the telecom infrastructure were transferred to Reliance Jio.

In December 2017, as part of its debt resolution plan, RCom had struck a ₹ 25,000-crore deal with the Mukesh Ambani-led Reliance Jio for the sale of its assets mortgaged with different banks, to avoid insolvency proceedings. RCom’s assets are expected to contribute significantly to the large-scale roll out of wireless and fiber-to-home and enterprise services by Reliance Jio.

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.