21
Friday
September 2018
7:49 PM IST
News Headlines
Let the boundaries go away: Pakistani youth sings Jana Gana Mana with full respect        Three kidnapped cops killed by terrorists in Jammu and Kashmir        Freak penne trending with dislikes and trolls        Kannur International Airport: Kerala to be the first state with four international airports        Kim, Moon join hands on peak of sacred North Korean volcano        Birthday boy Rashid stars in Afghanistan's 136-run win against Bangladesh        Shahbaz Nadeem claims eight wickets; breaks List A world record        CAT 2018: Registration extended to Sept 26; Admit card to Release on Oct 24        BAI distributes 1.6 crore to state Association        Rodrigues, Yadav help Indian women take 1-0 lead in T20 series        Sensex recovers over 100 points on value-buying, global cues        Deepak Kapoor Appointed the new Chairperson of Save the Children        Palestinian schools strive to modernize classrooms        Trump: Declassified Russia probe papers expose 'bad things'        2 history-sheeters arrested following encounter: Police        Attack on Cong workers in Chhattisgarh is political persecution: Rahul Gandhi        Cabinet clears ordinance to make triple talaq penal offence Law Minister        Instant Triple Talaq to be criminal offence        Viswasam- On set photos leaked        Aiswarya- Abhishek's Gulab Jamun would go on floor in mid 2019        
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Business News
Mukesh Ambani’s Reliance Jio to acquire mobile business assets of Anil Ambani’s RCom
 
(New Delhi, Dec 28, 2017):
Mukesh Ambani-led Reliance Jio will acquire mobile business assets including spectrum, mobile towers and optical fibre network of Reliance Communications -- owned by his younger brother Anil Ambani.

“Reliance Jio Infocomm Limited, a subsidiary of Reliance Industries Limited, today announced signing of definitive agreement for the acquisition of specified assets of Reliance Communications Limited and its affiliates,” Reliance Jio said in a statement.

The deal is slated to bring relief to RCom, which is reeling under debt of around Rs 45,000 crore.

Reliance Jio or its nominees will acquire assets under four categories - Towers, Optic Fiber Cable Network (“OFC”), Spectrum and Media Convergence Nodes (“MCN”) from RCOM and its affiliates.

“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,” the statement said.

Reliance Jio will acquire all the assets without any previous liabilities attached to them.

“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,” the statement said.

Reliance Jio said process to acquire assets of RCom is supervised by an independent group of distinguished industry experts and it emerged as the successful bidder in the two- stage bidding process.

“An asset monetisation process for RCOM assets was mandated by the lenders of RCOM, who appointed SBI Capital Markets Limited to run the process,” the statement said.

The parties are bound by confidentiality obligations and will make further disclosures at the appropriate time.

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, the statement said.


Sensex recovers over 100 points on value-buying, global cues
Deepak Kapoor Appointed the new Chairperson of Save the Children
RCom to exit telecom fully to focus on realty: Ambani
Petrol, diesel rates scale new highs
Adani Capital to raise Rs 1,000 cr in growth capital in FY19
Vijaya Bank, Dena Bank, BoB to merge: Govt
Air India utilising just 21 of 27 Dreamliners for daily ops
RBI submitted a list of high profile fraud cases to PMO: Rajan
VU 100-inch 4K HDR smart TV launched in India for Rs 20 Lakh
US dollar ends higher against rupee
Gadkari pitches for alternate fuels; says govt not against petrol, diesel
Air India To Get Rs. 2,100 Crore From Government: Report
SBI hikes benchmark lending rate by 0.2 pc
PM launches India Post Payments Bank; postman to deliver doorstep banking services
IBA elects PNB's Sunil Mehta as chairman
Circular Trades: Sebi imposes fine of Rs 16 lakh on two individuals
India expected to surpass Britain to become world's 5th largest economy next yr: FM
DeMo led to more tax collection, higher growth: Jaitley
Company director sent to 6 months jail for TDS default
Petrol, diesel at new high; govt hopes it is temporary
KERALA NEWS
Kannur International Airport: Kerala to be the first state with four international airports
 Malappuram: With Kannur International Airport becoming operational, Kerala will be the first state i  
Bar bribery case: Court dismisses the vigilance report
State Kalolsavam to be held in December
Actor Captain Raju passes away at 68
INTERNATIONAL NEWS
Kim, Moon join hands on peak of sacred North Korean volcano
 (Pyongyang, Sep 20, 2018):The leaders of the rival Koreas took to the road for the final day
Palestinian schools strive to modernize classrooms
Trump: Declassified Russia probe papers expose 'bad things'
100 die in severe flooding in Nigeria: relief agency
NATIONAL NEWS
Let the boundaries go away: Pakistani youth sings Jana Gana Mana with full respect
 While India won the match against Pakistan in Dubai, one Pakistani youth won the hearts of all India
Three kidnapped cops killed by terrorists in Jammu and Kashmir
CAT 2018: Registration extended to Sept 26; Admit card to Release on Oct 24
2 history-sheeters arrested following encounter: Police
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