Reliance Communications to sell wireless assets to Reliance Jio for debt reduction
Updated:7 years, 10 months ago
New Delhi, Dec 29 (ANI): Anil Ambani-led Reliance Communications Ltd. (RCOM) has signed a binding definitive agreement with Mukesh Ambani’s Reliance Jio Infocomm Limited (RJIO) for sale of valuable wireless spectrum, towers, fiber, and Media Convergence Node (MCN) assets to reduce its debt by Rs. 25,000 crore. "The transaction will be closed in a phased manner from January to March 2018 and the entire proceeds will be used for RCOM's debt reduction only," said a statement issued by the company.
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