RCom signs agreement to handover spectrum to Reliance Jio

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Reliance Communications Limited (“RCOM”) said it has signed an agreement to sell its spectrum in the lucrative 800 MHz band to Reliance Jio.

The signing of the agreement follows an exercise by the Anil Ambani company to auction all its wireless business assets.

The auction process, conducted about five months ago, had seen Reliance Jio emerge as the top bidder for spectrum and certain other assets.

Interestingly, RCom said it had sold only those bits of its 800 MHz spectrum that were not already shared with Jio as part of an earlier agreement to share the resource.

RCom had monetized a large chunk of its spectrum around three years ago when it had allowed Jio to use the same in building out its new 4G network.

The Anil Ambani company said 800 MHz spectrum across all 22 circles are to be handed over to Jio as part of the new agreement.

“Spectrum referred to under this agreement does not include any of the spectrum covered in the Master Agreement entered into between the Companies on 28 December 2017,” it clarified.

The handed over spectrum likely includes the airwaves acquired via the merger of MTS with Reliance Communication.

The Anil Ambani group did not disclose how much money Jio would pay for the same.

Reliance Communications exited the consumer Telecom business last year after running out of money to invest in the capital-hungry business.

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