March 2018
7:25 PM IST
News Headlines
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | About Deepika 
Business News
Mukesh Ambani’s Reliance Jio to acquire mobile business assets of Anil Ambani’s RCom
(New Delhi, Dec 28, 2017):
Mukesh Ambani-led Reliance Jio will acquire mobile business assets including spectrum, mobile towers and optical fibre network of Reliance Communications -- owned by his younger brother Anil Ambani.

“Reliance Jio Infocomm Limited, a subsidiary of Reliance Industries Limited, today announced signing of definitive agreement for the acquisition of specified assets of Reliance Communications Limited and its affiliates,” Reliance Jio said in a statement.

The deal is slated to bring relief to RCom, which is reeling under debt of around Rs 45,000 crore.

Reliance Jio 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,” the statement said.

Reliance Jio will acquire all the assets without any previous liabilities attached to them.

“The acquisition is subject to receipt of requisite approvals from governmental and regulatory authorities, consents from all lenders, release of all encumbrances on the said assets and other conditions precedent. The consideration is payable at completion and is subject to adjustments as specified in the agreement,” the statement said.

Reliance Jio said process to acquire assets of RCom is supervised by an independent group of distinguished industry experts and it emerged as the successful bidder in the two- stage bidding process.

“An asset monetisation process for RCOM assets was mandated by the lenders of RCOM, who appointed SBI Capital Markets Limited to run the process,” the statement said.

The parties are bound by confidentiality obligations and will make further disclosures at the appropriate time.

RJIL is being advised by Goldman Sachs, Citigroup Global Markets, JM Financial Private Limited, Davis Polk & Wardwell LLP, Cyril Amarchand Mangaldas, Khaitan & Co and Ernst & Young on this transaction, the statement said.

Global trade facing challenges,India needs to boost exports: Prabhu
Havells appoints Shashi Arora as CEO of Lloyd
Markets consolidate gains, Sensex reclaims 33k-mark
SAIC’s MG Motor India to invest Rs5,000 crore in next six years
Audi to hike car prices by up to Rs 9 lakh from April
RBI sets rupee reference rate at 64.9366 against US dollar
Indians choose travel over shopping, food: Survey
'Panama Papers' law firm shuts down operations
Delhi, Bangalore, Chennai among cheapest cities globally: EIU
Sensex extends losses, down 66 pts; Nifty below 10,400
SBI closes 41.2L SB accounts for not keeping minimum balance
RBI scraps bank LoUs in the aftermath of PNB fraud
Huawei, Savex Technologies partner for enterprise biz in India
Rupee opens 9 paise higher against US dollar
Sensex cautious on weak global cues; TCS cracks 5%
Rupee rises 23 paise against dollar in opening trade
Sensex rallies 301 pts ahead of IIP, inflation data
India braces for Donald Trump's reciprocal tax, may fight it in WTO
Sensex ends marginally lower on late sell-off
Rupee rebounds 4 paise in opening trade
Kannur accident: Manorama News journalist injured
 (Koothuparamba, Mar 24, 2018, DG): Four persons have been injured in a car-lorry crash at Kot  
Observe Earth Hour between 8.30 PM-9.30 PM Saturday, appeals Governor
IYD: Govt to take foreign Yoga professionals to Kerala
IS recruitment case: Woman operative sentenced to 7 years in jail
Three killed in France shooting; Islamic State claims responsibility
 (TREBES, Mar 23, 2018):Islamic State on March 23 claimed a shooting in the southwestern Frenc
Trump replaces McMaster, taps Bolton as national security adviser
EU blames Moscow for UK spy attack, recalls envoy
Asian markets tumble with Wall St as Trump sparks trade war fears
Shah sets target of 21 seats from northeast
 (Guwahati, Mar 24, 2018): Gearing up for the next general election, BJP President Amit Shah t
SC asks 12 states why they have not appointed Lokayukta
Bihar: Explosion in illegal firecracker unit kills 5
Air India crew member slaps junior for serving non-veg food to passenger
Untitled Page
Rashtra Deepika LTD
Copyright @ 2017 , Rashtra Deepika Ltd.