Reliance Jio buying RCom’s towers, spectrum and other Wireless assets
RJIL, a subsidiary of Reliance Industries Ltd. has decided to sign a definitive agreement for acquiring certain assets of RCom and its affiliates.
As a consequence of that transaction, Reliance Jio Infocomm Ltd (RJIL) will acquire assets under the following four categories- mobile towers, optic fibre cable network, spectrum and media convergence nodes.
RJIL said, “These assets are strategic in nature and are expected to contribute significantly to the large-scale roll-out of wireless and fibre to home and enterprise services by RJIL.”
The Monetisation and Acquisition Process
The lenders of RCom mandated an asset monetisation process for the assets of Rcom. The appointed SBI Capital Markets Ltd. to run the operation. An independent group of industry experts supervise the process. In the two-stage bidding process, RJIL emerged as the highest bidder.
“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,” RJIL said.
This transaction of RJIL got advised by Goldman Sachs, Citigroup Global Markets, JM Financial Private Limited, Davis Polk & Wardwell LLP, Cyril Amarchand Mangaldas, Khaitan & Co and Ernst & Young.
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