Debt-laden Reliance Communications (RCOM) has signed a deal to sell its telecoms assets to Reliance Jio Infocomm, for a total value of nearly INR240 billion (USD3.8 billion), two sources familiar with the matter told Reuters. The two companies announced last week that Reliance Communications will sell all its spectrum, tower, fibre-optic and other telecom infrastructure assets to Jio, though they did not disclose the value of the deal. Jio said: ‘The acquisition is subject to receipt of requisite approvals from Governmental and regulatory authorities, consents from all lenders, release of all encumbrances on the said assets and other conditions precedent. The consideration is payable at completion and is subject to adjustments as specified in the agreement.’ If finalised, the deal would allow Reliance to cut down its debt, which is estimated at INR450 billion.
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