RCom completes sale of 1.78 lakh km fibre assets to Reliance Jio for Rs 3,000 cr

New Delhi: Reliance Communications (RCom) on Monday said it has completed sale of its fibre assets and related infrastructure assets, worth Rs 3,000 crore, to Mukesh Ambani-backed Reliance Jio Infocomm (RJIO). "With successful completion of the fibre monetisation transaction, 1,78,000 kilometers fibre stand transferred to RJIO," Reliance Communications said in a Bombay Stock Exchange (BSE) filing.

File image of Reliance Group chairman Anil Ambani. Reuters.

File image of Reliance Group chairman Anil Ambani. Reuters.

Last week, Reliance Communications had completed the planned sale of its media convergence nodes (MCNs) and related infrastructure assets, worth Rs 2,000 crore, Reliance Jio Infocomm. Earlier this month, Reliance Communications had reinstated bank guarantees worth Rs 774 crore with the telecom department ahead of the timeline set by the telecom tribunal, and had said that its Rs 25,000 crore asset sale plans were "on track".

Last year, Anil Ambani-owned Reliance Communications 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 announced in December 2017, 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. The nodes' sale concluded today represents the initial tranche of the planned, larger deal.

(Disclosure - Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)

 


Updated Date: Aug 27, 2018 11:56 AM