OOP Digital Desk: Reliance Jio, the telecom division of Reliance Industries and led by Mukesh Ambani, has signed an agreement with Reliance Communications (RCom) to buy all wireless assets of the latter in an all-cash deal. RCom is helmed by Mukesh’s brother Anil.
According to market sources, the deal is pegged at around ₹24,000 crore, though none of the sides confirmed it.
Reliance Jio will now acquire RCom’s assets under four categories that include spectrum, optic fibre cable network, media convergence nodes, and towers. Reliance Jio, in a statement said, the deal is strategic and would significantly help to reach the company’s fibre-to-home and wireless services across the country.
Jio emerged as the highest bidder in fully transparent sale process carried out under supervision of a committee of experts from the telecom, law, and banking sectors.
The deal will help the debt-ridden RCom to pay off its lenders to a great extent.