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  Business   Companies  27 Aug 2018  RCom completes sale of fibre assets to Reliance Jio for Rs 3,000 crore

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

PTI
Published : Aug 27, 2018, 11:00 am IST
Updated : Aug 27, 2018, 11:00 am IST

The nodes' sale concluded on Monday represents the initial tranche of the planned, larger deal.

Last year, Anil Ambani-owned Reliance Communications signed a pact with Reliance Jio for sale of wireless spectrum. (Photo: PTI)
 Last year, Anil Ambani-owned Reliance Communications signed a pact with Reliance Jio for sale of wireless spectrum. (Photo: PTI)

New Delhi: Reliance Communications (RJIO) 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 BSE filing.

 

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 on Monday represents the initial tranche of the planned, larger deal. 

 

Tags: reliance communications, reliance jio, assets sale, spectrum sale, anil ambani
Location: India, Delhi, New Delhi