That’s always been our approach to business,” Ambani had said. If it is the mighty house of the Tatas who had to gift their business, then very little has to be said about other corporate groups.
These assets are strategic in nature and are expected to contribute significantly to the large scale roll-out of wireless and Fiber-to-Home and Enterprise services by RJIL," Reliance Jio said in a statement. 24,000 - 25,000 crore; which Reliance Communications' is hoping to use entirely to reduce its Rs. Elder brother Mukesh Ambani is going to take over Anil Ambanis debt-ridden Reliance Communications, reported PTI. This way RCom will achieve full resolution of its debt by cutting it to Rs 6,000 crore by monetising assets. Reliance Communications, LLC 555 Wireless Boulevard, Hauppauge, NY 11788 Phone: 631-240-8400 | Fax: 631-952-4869 | sales@reliance.us | Send Email The company will utilize the proceeds of the monetization of this cash deal solely for pre-payment of debt to its lenders," RCom said, as per PTI.The said transaction is expected to be completed in a phased manner between January and March 2018 after approval from lenders and other authorities.The news comes two days after RCom disclosed a new deal with the lenders under which nearly Rs. The proceeds of the telecom deal will be used 100% for debt reduction, the company said.Even the "mighty" house of Tatas had to "gift away" their telecom business (to Airtel), Ambani asserted, sounding bitter about the regulatory framework, saying the long time taken to clear RCom's merger with Systema Shyam Telecom represents the "unease of doing business".
45,000 crore debt and bring immediate relief.In a statement, Reliance Jio Infocomm Limited (RJio) said these assets are strategic in nature and are expected to contribute significantly to its large scale roll out of Wireless and Fiber-to-Home and Enterprise services. The announcement comes days after RCom disclosed a deal with lenders under which Rs 40,000 cr will be raised through sale of assets, averting an imminent takeover … Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited.“Reliance Communications Ltd signs binding definitive agreements with Reliance Jio Infocomm limited for sale of valuable wireless spectrum, towers, fiber and MCNs,” Reliance Communications said in a filing to exchanges.— 248 Media Convergence Nodes, covering ~5 Million sqft used for hosting telecom infrastructureWhile RCom stands to gain from the sale, the proceeds of which will be used for the company's debt reduction, Reliance Jio expects the assets to bolster the rollout of its wireless and FTTH services. Jio has attained over 160 million subscribers in a span of a little over a year into 4g operations.RCom said the deal packs in 122.4 MHz of 4G Spectrum in the 800/900/1800/2100 MHz bands, over 43,000 towers, 1,78,000 kilometers of fiber and 248 media convergence nodes.
"This is a crisis of the wireless telecom sector and it has engulfed many, many people and many, many companies.
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