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

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.

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