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RCom sells assets worth Rs 2000 crore to Reliance Jio

During early trade, shares of RCom were up by 1.97%

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MUMBAI: Reliance Communications has completed the sale of its media convergence nodes (MCNs) and related infrastructure assets worth RS 2000 crore to Reliance Jio Infocomm (Jio). The received amount will be the first tranche of payment in the Anil Ambani-owned operator’s asset sale which is sinking in debt of Rs 46,000 crore.

Following the completion of MCN monetisation transaction, 248 MCNs covering 5 million sq ft of area used for hosting the telecom infrastructure were transferred to Jio. During early trade, shares of RCom were up by 1.97 per cent at Rs 19.14 on BSE.

The debt-laden company expects to raise about Rs 18,000 crore by selling the wireless assets to Jio and real estate assets to Canada’s Brookfield. The company also said that it would sell an additional 65 MHz spectrum in the 800 MHz band to Jio for Rs 3,500-3,700 crore. Last year, the company shut down its wireless services.

Back in May, the Competition Commission of India (CCI) cleared the proposals for the sale of assets of Reliance Communications Ltd to Jio.

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