A logo hangs above a Reliance Communications Ltd. shop in Mumbai, India. (Photographer: Abhijit Bhatlekar/Bloomberg)

RCom Sells Assets Worth Rs 2,000 Crore To Reliance Jio  

Reliance Communications Ltd. today said that it completed the planned sale of its media convergence nodes and related infrastructure assets, worth Rs 2,000 crore, to Mukesh Ambani-backed Reliance Jio Infocomm Ltd.

The transaction entailed 248 nodes covering close to 50 lakh square feet of the area, used for hosting the telecom infrastructure, all of which now stands transferred to Jio, Reliance Communications said in a statement.

Earlier this month, RCom had reinstated bank guarantees worth Rs 774 crore with the telecom department ahead of the timeline set by the telecom tribunal and had said that its Rs 25,000 crore asset sale plans are on track.

Last year, Anil Ambani-owned telecom company signed a pact with Reliance Jio for sale of wireless spectrum, tower, fibre and MCN assets - the proceeds of which were to be used to reduce debt.

The deal announced in December 2017, packed in 122.4 MHz of 4G spectrum in the 800/900/1800/2100 MHz bands, over 43,000 towers, 1,78,000 kilometres of fibre and 248 media convergence nodes. The nodes' sale concluded today represents the initial tranche of the planned, larger deal.

Shares of Reliance Communications rose as much as 4 percent to Rs 19.55 in today's trade.

Also read: Crunch Time Comes for Reliance Communications Debt Restructuring