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Senior Ambani move to help debt laden Junior Ambani: RJio to own RCom

Reliance Communications Limited (RComBSE 7.72 %) today announced it has signed definitive binding agreements with Reliance Jio Infocomm Limited (RJIO) for sale of Wireless Spectrum, Tower, Fiber and Media Convergence Node (MCN) assets.

“RJIO emerged as the highest bidder in a transparent process conducted under the supervision of a high-powered Bid Evaluation Committee, comprising experts from banking, telecom, and law,” RCom said in a press release.

RCom said that RJIL is being advised by Goldman Sachs, Citigroup Global Markets, JM Financial Private Limited, Davis Polk & Wardwell LLP, Cyril Amarchand Mangaldas, Khaitan; Co and Ernst & Young on this transaction.

Yesterday, Anil Ambani announced RCom’s exit from strategic debt restructuring (SDR) programme. The junior Ambani had assured lenders that the company will pay its debt and reduce it by Rs 25,000 crore by March 2018.

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