Sai Jai
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NEW DELHI: Reliance Jio Infocomm said that it has inked a definitive agreement with Reliance Communications for the acquisition of specified assets of the debt-ridden telco and its affiliates.
Under the agreement, Jio will acquire assets under four categories – Towers, Optic Fiber Cable Network (“OFC”), Spectrum and Media Convergence Nodes (“MCN”) from RCom and its affiliates. "These assets are strategic in nature and are expected to contribute significantly to the large scale roll-out of wireless and Fiber to Home and Enterprise services by RJIL," it said.
An asset monetization process for RCom assets was mandated by the lenders of RCom, who appointed SBI Capital Markets Limited to run the process. The process is supervised by an independent group of distinguished industry experts. RJIL emerged as the successful bidder in the two-stage bidding process.
Jio said that the acquisition is subject to receipt of requisite approvals from governmental and regulatory authorities, consents from all lenders, release of all encumbrances on the said assets and other conditions precedent. The consideration is payable at completion and is subject to adjustments as specified in the agreement.
Reliance Jio inks agreement with RCom to acquire assets including towers, optic fiber network, spectrum - ET Telecom
Under the agreement, Jio will acquire assets under four categories – Towers, Optic Fiber Cable Network (“OFC”), Spectrum and Media Convergence Nodes (“MCN”) from RCom and its affiliates. "These assets are strategic in nature and are expected to contribute significantly to the large scale roll-out of wireless and Fiber to Home and Enterprise services by RJIL," it said.
An asset monetization process for RCom assets was mandated by the lenders of RCom, who appointed SBI Capital Markets Limited to run the process. The process is supervised by an independent group of distinguished industry experts. RJIL emerged as the successful bidder in the two-stage bidding process.
Jio said that the acquisition is subject to receipt of requisite approvals from governmental and regulatory authorities, consents from all lenders, release of all encumbrances on the said assets and other conditions precedent. The consideration is payable at completion and is subject to adjustments as specified in the agreement.
Reliance Jio inks agreement with RCom to acquire assets including towers, optic fiber network, spectrum - ET Telecom
