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RCom sells Rs 3000 cr fibre assets to Jio

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MUMBAI: Reliance Communications has completed the sale of its fibre assets worth Rs 3000 crore to Reliance Jio Infocomm on Monday. After the completion of the fibre monetisation transaction, 178,000 kilometres of fibre stand transferred to Reliance Jio, RCom said in a statement to the Bombay Stock Exchange.

RCom had last week completed the sale of its media convergence nodes(http://www.indiantelevision.com/iworld/telecom/rcom-sells-assets-worth-r...) and related infrastructure assets worth Rs 2,000 crore to Reliance Jio. The company said 248 MCNs covering about 5 million square feet of area used for hosting the telecom infrastructure were transferred to Reliance Jio.

In December 2017, as part of its debt resolution plan, RCom had struck a Rs 25,000-crore deal with the Mukesh Ambani-led Reliance Jio for the sale of its assets mortgaged with different banks, to avoid insolvency proceedings. RCom’s assets are expected to contribute significantly to the large-scale roll out of wireless and fiber-to-home and enterprise services by Reliance Jio.

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.

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