Reliance Communications (RCom) has signed definitive binding agreements with Reliance Industries (RIL) telecom arm - Reliance Jio Infocomm (RJio) for sale of Wireless Spectrum, Tower, Fiber and Media Convergence Node (MCN) assets. The company expects the transactions to close in a phased manner between January and March 2018, subject to lenders’ and other applicable approvals.
RCom worked closely with all Lenders and SBI Capital Markets, the advisors appointed by the Lenders, to run a competitive process for the monetization of its valuable assets. RJio emerged as the highest bidder in a transparent process conducted under the supervision of a high-powered Bid Evaluation Committee, comprising experts from banking, telecom and law.
The RJio deal consideration comprises primarily of cash payment and includes transfer of deferred spectrum installments payable to the Department of Telecommunication (DoT). RCom will utilize the proceeds of the monetization of this cash deal solely for pre-payment of debt to its lenders.
RCom is India’s foremost and truly integrated telecommunications service provider.
