Reliance Industries Limited has said that its subsidiary Reliance Jio Infocomm Limited (“RJIL”), has signed definitive agreement for the acquisition of specified assets of Reliance Communications Limited (“RCOM”) and its affiliates.
An asset monetization process for RCOM assets was mandated by the lenders of RCOM, who appointed SBI Capital Markets Limited 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
Meanwhile, shares of the company were trading at Rs 928.25 apiece, up 0.42 per cent from the previous close at 09:23 hrs on BSE.