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Reliance Jio acquires RCom’s wireless infra assets

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Mumbai: Reliance Jio Infocomm Ltd (RJio), a subsidiary of Reliance Industries Ltd (RIL), today signed a definitive agreement for the acquisition of the wireless infrastructure assets of Reliance Communications Ltd (RCom).

An asset monetisation process for RCom assets was mandated by the lenders of RCom, who appointed SBI Capital Markets Ltd to run the process. The process was supervised by an independent group of industry experts. RJio emerged as the successful bidder in the two-stage bidding process.

Consequent to the agreement, RJio will acquire assets under four categories–towers, optic fibre cable network, spectrum and media convergence nodes 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 fibre to home and enterprise services by RJio.

The acquisition is subject to receipt of requisite approvals from governmental and regulatory authorities, consent from all lenders, release of all encumbrances on the said assets and other conditions precedent. 

Consolidation has been the buzzword in the telecommunications industry. From as many as 13 players at one point in time, we are now left with just four major contenders.  Earlier this year, Vodafone India and Idea Cellular decided to merge operations to create India’s largest telecom operator worth more than $23 billion beating Sunil Bharti Mittal-led Airtel. 

RJio 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.

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