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India's Reliance Jio agrees to buy RCom's wireless assets

Mukesh Ambani-led Reliance Jio inked a definitive binding agreement to acquire younger brother Anil Ambani's Reliance Communications Ltd.'s wireless spectrum, tower, fiber and media convergence node assets.

Reliance Communications said in a Dec. 28 regulatory filing that 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.

The deal, subject to approval from lenders and other authorities, is expected to be completed in a phased manner between January and March 2018.

The transaction is comprised primarily of cash payment and includes transfer of deferred spectrum installments payable to the Department of Telecommunication. Proceeds from the deal will be used by RCom to pay debt to its lenders.

Financial details of the deal were not disclosed.

The deal comes shortly after RCom revealed plans to cut its debt by 85% through the sale of several assets and receiving equity infusion from global strategic partners. RCom earlier said it will focus on non-mobile global and Indian enterprise businesses including data centers and submarine cable networks.