RCom completes the sale of its fibre assets to Jio for Rs. 3,000 crore

Anil Ambani - owned Reliance Communication today announced the completion of the sale of its fiber and related infrastructure assets, worth Rs 3,000 crore, to Reliance Jio Infocomm Limited (RJIO).

With the successful completion of the fibre monetization transaction, 1,78,000 km fibre stand transferred to Reliance Jio," Anil Ambani-led RCom said.

Last week Reliance Communications Limited (RCOM) announced the completion of the sale of its Media Convergence Nodes (MCNs) and related infrastructure assets, worth Rs 2,000 crore, to Reliance Jio Infocomm Limited (RJIO).

For those who are not aware last year, RCom signed the definitive agreement with Reliance Jio for the acquisition of specified assets of its affiliates.

Consequent to the agreement, RJIL or its nominees acquired 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 added.

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 industry experts. RJIL emerged as the successful bidder in the two-stage bidding process. RJIL is being advised by Goldman Sachs, Citigroup Global Markets, JM Financial Private Limited, Davis Polk & Wardwell LLP, Cyril Amarchand Mangaldas, Khaitan & Co and Ernst & Young on this transaction.