Anil Ambani led Reliance Communications (RCom) announced that the company had completed the sale of fiber assets and other related infrastructure assets worth Rs. 3000 crores to his elder brother, Mukesh Ambani, led Reliance Jio.
In the statement to the BSE, the company said, “With the completion of the fiber monetization transaction, 178,000 kilometers fiber stand transferred to Reliance Jio. Earlier this week, Rcom also successfully completed the proposed sale of its Media Convergence Nodes (MNC) to Reliance Jio worth Rs. 2000 crores. The company stated that the 248 MNCs spanning the area of around 5 million square feet are used to host the telecom infrastructure were transferred to RJio.
The selling can be attributed to the pact signed by Reliance Communication and Reliance Jio last year, for the sale of wireless spectrum, tower, fiber, MNC assets to Reliance Jio in order to reduce its debt and avoid insolvency process. The total deal of asset transfer between RCom and RJio is said to be of Rs. 25,000 crores.