RCom sells first assets to Reliance Jio

27 Aug 2018
00:00
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Daily News

India's Reliance Communication (RCom) has completed the first tranche of the sale of its wireless assets to Reliance Jio Infocomm after securing court approval for the deal.

RCom has sold its media convergence nodes and related infrastructure assets to Reliance Jio for around 20 billion rupees ($286.22 million), LiveMint reported.

The 248 media convergence nodes cover an area of around 5 million square feet, the report states.

This marks the first set of assets to be sold to Jio under RCom's the planned 250 billion rupee asset sale and debt reduction program. RCom also plans to sell 122.4MHz of 4G spectrum and over 43,000 telecoms towers, 178,000km of fiber assets. The remaining assets will be sold off in stages.

RCom was recently granted court approval to sell its wireless assets after reaching a settlement to the insolvency petitions filed against the operator by Ericsson over unpaid contracts.

Parent company Reliance Group is also said to be considering selling off Reliance Communications' remaining assets, which would mark an exit from the telecoms sector, the group's former flagship industry.

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