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RCom completes sale of some assets to Reliance Jio for Rs 20 billion

The transaction entailed 248 nodes covering close to 5 million sq. ft. of the area, used for hosting the telecom infrastructure, all of which now stands transferred to Jio

Press Trust of India  |  New Delhi 

Reliance communication, rcom
A man opens the shutter of a shop painted with an advertisement of RComm in Mumbai | Photo: Reuters

on Thursday said it has completed the planned sale of its media convergence (MCNs) and related infrastructure assets, worth Rs 20 billion, to Mukesh Ambani-backed Infocomm (RJIO).

The transaction entailed 248 covering close to 5 million sq. ft. of the area, used for hosting the telecom infrastructure, all of which now stands transferred to Jio, said in a statement.

"Limited (RCOM) today announced the completion of the sale of its MCNs and related infrastructure assets, worth Rs 20 billion, to Infocomm," the statement said.

Earlier this month, had reinstated bank guarantees worth Rs 7.74 billion with the telecom department ahead of the timeline set by the telecom tribunal, and had said that its Rs 250 billion sale plans are "on track".

Last year, Anil Ambani-owned Reliance Communications signed a pact with for sale of wireless spectrum, tower, and MCN assets - the proceeds of which were to be used to reduce debt.

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 The nodes' sale concluded today represents the initial tranche of the planned, larger deal.

First Published: Thu, August 23 2018. 12:05 IST
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