Reliance Communications completes sale of fibre assets to Jio for Rs 3,000 crore

The announcement marks the wrapping-up of yet another portion of a larger deal inked between RCom and Reliance Jio in December last year.

Published: 27th August 2018 12:19 PM  |   Last Updated: 28th August 2018 04:59 AM   |  A+A-

Reliance Jio .(Photo | Reuters)

By Express News Service

NEW DELHI:  Anil Ambani-led Reliance Communications Limited (RCom) on Monday has completed the sale of fiber and related infrastructure assets worth Rs 3,000 crore to Mukesh Ambani-led Reliance Jio Infocomm. The announcement marks the wrapping-up of yet another portion of a larger deal inked between RCom and Reliance Jio in December last year, that involved the sale of wireless spectrum, tower, fibre and media convergence nodes.

In all, the mega-deal packed in 122.4 MHz of 4G spectrum in the 800/900/1800/2100 MHz bands, over 43,000 towers, 1,78,000 kilometres of fibre and 248 media convergence nodes for an estimated price tag of Rs 25,000 crore. With the conclusion of fibre monetisation deal, 1,78,000 kilometers fibre stand transferred to RJIO, which is gearing up to offer ultra high-speed fixed line fibre broadband for homes and enterprises across 1,100 cities.

Last week, RCom had announced the completion of the sale of its media convergence nodes (MCNs) and related infrastructure assets, worth Rs 2,000 crore to Reliance Jio Infocomm.RCom is undergoing the debt resolution process under the Insolvency and Bankruptcy Code, 2016 (IBC).

The debt-laden RCom had also announced that it will repay holders of $300 million bonds through a combination of cash and bonds of its overseas firm, as part of revised terms approved by the overseas bondholders. The offer approved involves the bondholders receiving cash proceeds of up to $118 million, and $55 million bonds to be issued by Global Cloud Xchange Limited, a foreign subsidiary of RCom. (With agency inputs) 

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