Reliance Industries’ (RIL) subsidiary - Reliance Jio Infocomm (RJIL) has inked a definitive agreement for the acquisition of specified assets of Reliance Communications (RCom) and its affiliates. An asset monetization process for RCom assets was mandated by the lenders of RCom, who appointed SBI Capital Markets to run the process. The process is supervised by an independent group of distinguished industry experts.
RJIL emerged as the successful bidder in the two-stage bidding process. Consequent to the agreement, RJIL or its nominees will acquire assets under four categories - Towers, Optic Fiber Cable Network (OFC), Spectrum and Media Convergence Nodes (MCN) from RCom and its affiliates. These assets are strategic in nature and are expected to contribute significantly to the large scale roll-out of wireless and Fiber to Home and Enterprise services by RJIL.
RJIL is being advised by Goldman Sachs, Citigroup Global Markets, JM Financial, Davis Polk & Wardwell LLP, Cyril Amarchand Mangaldas, Khaitan & Co and Ernst & Young on this transaction.
