Reliance Communications is selling more bands to Jio to put off debts

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    Anil Ambani-owned Reliance Communications has reportedly announced that it is set to sell an additional 65MHz band of the 800MHz to Reliance Jio. This is being done by the company to alleviate its pending debts further, giving it breathing space.
    Reliance Communications said in a regulatory filing published on Saturday, “Reliance Communications Limited (“RCOM”) and Reliance Jio Infocomm Ltd (“RJIL”) today announced the signing of agreement for change in spectrum allotment in 800 MHz band across 22 Circles from RCOM to RJIL,” ET reports. Reliance Communications has already sold 122MHz to Jio, and the present sale is on the same band as the previous one.

    Reliance Communications further clarified in its filing, “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.” Though Reliance Communications and Reliance Jio Infocomm may have agreed upon the terms on their own, the deal is still subject to consent from the regulatory boards as well as the lenders themselves.
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    This whole deal will be a part of the asset demonetization program of Reliance Communications. And if this deal goes through Reliance Jio will be able to alleviate the pressure on its burdened network. And this will in turn be good news for the subscribers because this will somewhat sort the connectivity issues of them. Reliance Communications, on its part, is set to make profits of about Rs 18,000 crore from the sale of its wireless assets to Jio, which will make a dent on its considerably large debt.

    Source link 2018-08-12 16:56:15

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