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Assets to be transferred free and clear of encumbrances.
Reliance Jio Infocomm Limited (“RJIL”), a subsidiary of Reliance Industries Limited (“RIL”), today announced the signing of a 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.
The acquisition is subject to receipt of requisite approvals from Governmental and regulatory authorities, consents from all lenders, the 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.
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