Brothers are meant to help each other in times of difficulty. This was seen when Mukesh Ambani, Chairman, Reliance Jio, came to rescue his younger brother Anil Ambani by buying his now closed telco RCom’s wireless assets, so that Anil can repay his huge debt to lenders.
With this feeler, sharesRcom were up by 19.57%.
This is an all cash deal to acquire specified assets of RCom and its affiliates. Market and banking circles pegged the deal size at about Rs 24,000 crore. RCom had shut its wireless business in the end of November.
The telecom unit of Reliance Industries said in a media statement: “Jio or its nominees will acquire assets under four categories–towers, optic fibre cable network, spectrum and media convergence nodes (MCNs)--from RCom and its affiliates. These assets are strategic in nature and expected to contribute significantly to the large-scale rollout of wireless and fibre-to-home services by the company.”
RJio will need to seek approvals from the governmental and regulatory authorities, consent from all lenders, the release of all encumbrances on the assets and other conditions.
This is an all cash deal to acquire specified assets of RCom and its affiliates. Market and banking circles pegged the deal size at about Rs 24,000 crore. RCom had shut its wireless business in the end of November.
The telecom unit of Reliance Industries said in a media statement: “Jio or its nominees will acquire assets under four categories–towers, optic fibre cable network, spectrum and media convergence nodes (MCNs)--from RCom and its affiliates. These assets are strategic in nature and expected to contribute significantly to the large-scale rollout of wireless and fibre-to-home services by the company.”
RJio will need to seek approvals from the governmental and regulatory authorities, consent from all lenders, the release of all encumbrances on the assets and other conditions.
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