RCOM sells its strategic wireless assets to Jio, signs definitive binding agreement

Reliance Communications (RCOM) and its affiliates have signed binding definitive agreements with Reliance Jio Infocomm Limited (RJIL) for the sale of wireless spectrum, towers, fibre assets and media convergence nodes. These assets, reportedly worth over Rs 250 billion, are strategic in nature and are expected to contribute significantly to RJIL’s wireless, fibre and enterprise businesses. Meanwhile, RCOM will utilise the proceeds of the cash deal purely for prepayment of debt to its lenders. The company expects transactions to close in a phased manner between January and March 2018. SBI Capital Markets Limited was appointed to run the asset monetisation process.