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General News Mukesh Ambani’s Reliance Jio to acquire Anil Ambani-led RCom’s wireless assets
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[Image: Mukesh_Ambani-MAIN.jpg]MUMBAI: In a deal that will bring major relief to Reliance Communications, Mukesh Ambani’s Reliance Jio Infocomm has agreed to acquire debt-laden telecom operator’s Wireless Spectrum, Tower, Fiber and Media Convergence Node (MCN) assets.

The two companies have signed definitive binding agreements.

Reliance Communications said it worked closely with all Lenders and SBI Capital Markets, the advisors appointed by the Lenders, to run a competitive process for the monetisation of its valuable assets, comprising:

*122.4 MHz of 4G Spectrum in the 800/900/1800/2100 MHz bands
*Over 43,000 towers, amongst the top 3 independent tower holdings in India
*1,78,000 RKM of fiber with pan India footprint
*248 Media Convergence Nodes, covering 5 Million sq. ft. used for hosting telecom infrastructure

Reliance Jio emerged as the highest bidder in a transparent process conducted under the supervision of a high-powered Bid Evaluation Committee, comprising experts from banking, telecom, and law.

The company expects the transactions to close in a phased manner between January and March 2018, subject to lenders’ and other applicable approvals.

The deal consideration comprises primarily of cash payment and includes the transfer of deferred spectrum installments payable to the Department of Telecommunication (DoT).

The company will utilise the proceeds of the monetisation of this cash deal solely for pre-payment of debt to its lenders. RCom has a debt of nearly Rs 45,000 crore.

Source:

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Airtel Digital HD Recorder / Kerala Vision Digital TV
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