Anil Ambani’s Reliance Communications (RCom) announced that the company has completed the anticipated sale of its fibre assets and related infrastructure assets. The assets were sold worth Rs 30 billion 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.
This particular decision marks the wrapping-up of yet another portion of a larger deal between RCom and Reliance Jio in December last year. 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.
Along with this, it was last week that Reliance Communications had completed the estimated sale of its media convergence nodes (MCNs) and related infrastructure assets, worth Rs 20 billion.
Also, RCom is undergoing the debt resolution process under the Insolvency and Bankruptcy Code, 2016 (IBC). The company in this regard has stated 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.
“Reliance Communications Limited today announced the completion of the sale of its fibre assets and related infrastructure assets, worth Rs 3,000 crore, to Reliance Jio Infocomm Limited (RJIO),” Reliance Communications said.
RCom has also planned to seek the approval of the shareholders to enhance the company’s borrowing limits to up to Rs 50,000 crore to meet its capital requirements.