Reliance Jio Infocomm Ltd agreed to buy spectrum, towers, wireless infrastructure Reliance Communications Ltd

Mumbai: Mukesh Ambani’s Reliance Jio Infocomm Ltd has agreed to buy spectrum, towers and other wireless infrastructure of his younger brother Anil Ambani’s Reliance Communications Ltd that’s selling assets to repay lenders.

While the companies didn’t disclose the acquisition value, Anil Ambani had said earlier the assets were worth Rs 25,000 crore. The deal will include a cash payment and transfer of deferred spectrum installment, the two companies said in separate statements.

Reliance Jio will acquire assets under four categories—towers, optic fiber cable network, spectrum and media convergence nodes—from the Anil Ambani-led firm.

That follows an asset monetisation process for RCom assets mandated by its lenders and managed by SBI Capital Markets Ltd. Reliance Jio emerged as the successful bidder in the two-stage bidding process.

The transaction will close in a phased manner in the first quarter of calendar year 2018 and the proceeds will be used entirely for debt reduction, RCom said.

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