Reliance Communications (RCom) completed the sale of some infrastructure to Indian startup operator Reliance Jio as part of its wide-ranging plan to cut debt.
In a stock exchange filing, RCom said it had sold Media Convergence Nodes and related infrastructure to Jio in a deal worth INR20 billion ($285 million).
Jio was named as the successful bidder for a wide range of RCom assets in 2017, including spectrum, fibre and towers, with a total price tag of INR250 billion. The new filing made no reference to the timings of further sales.
Debt-laden RCom took the steps to sell large parts of its operations after an attempted merger with Aircel fell through in October 2017. The company narrowed its focus to the B2B market, but the sale of non-core assets was slowed after Indian courts stopped the sale due to pending litigation, which was resolved earlier this month.
A report last week said RCom had received bids for its remaining assets, which could see it withdraw from India’s telecoms sector completely.Subscribe to our daily newsletter Back