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India: CCI clears RCom’s plans to sell infra assets to Jio

 |  March 11, 2018

Anil Ambani-led Reliance Communication’s bid (RCom) to sell its wireless business and associated infrastructure to Reliance Jio has been approved by the Competition Commission of India (CCI).

The all-cash deal between RCom and Jio was finalised in January this year, and will involve the take over of towers, optic fibre cable network, spectrum, and media convergence nodes. While neither Jio nor RCom had divulged the size of the deal, media reports have pegged its value at Rs 18,000 crore (US$2.8 billion).

RCom was debt-laden and this deal would reduce its losses. It recorded major losses in previous quarters, but its planned exit from consumer business, which comprised of wireless, direct to home and PCO, helped cut its losses up to 95% in the quarter ended December 30, 2017.

Full Content: Brink Wire

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