Mukesh Ambani to assist Anil Ambani by buying telecom assets of RCOM

Government put on hold a plan to increase the prices by Rs4 every month and also due to higher global price

Reliance Jio Infocomm will be buying wireless spectrum, cell towers, fiber and media convergence node from the ailing Reliance Communications. The proposed transaction is subject to lenders' and other applicable approvals and is expected to close in phased manner between January and March 2018.

The sale marks the return of the telecom company back to the fold of Reliance Industries, which forayed into telecoms in 2002, spearheaded by elder Ambani, under the name of Reliance Infocomm Ltd.

A feud between the two brothers in 2005 led to a split in Reliance Industries, with Mukesh keeping the cash-generating oil and gas business while Anil gained control of the power, finance and telecom businesses.

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Reliance Jio emerged as the highest bidder after two rounds carried out by SBI Capital Markets on behalf of the consortium of lenders that were devising a statutory debt restructuring process for the company. "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".

Anil Ambani said the money raised from the sale will be used to repay lenders, including China Development Bank, which sought to have the company declared insolvent before India's National Company Law Tribunal in order to recover around $2 billion in debt.

Cash payments, including deferred spectrum installments payable to Department of Telecommunication (DoT), would form part of the deal. Anil Ambani on Tuesday claimed that his beleaguered Reliance Communications has negotiated a new deal with the lenders under which almost Rs 40,000 crore will be raised through asset sales, averting an imminent takeover by local and foreign banks. The company is already undergoing a "robust" transformation to a business-business services company, Anil Ambani had said. Under the new debt revival plan, upon completion of all transactions, the balance debt in RCom is expected to be Rs 6,000 crore, a reduction of over 85 per cent of total debt, RCom said in a release. About 50% of its revenue will come from overseas operation, Ambani said. Earlier in October, RCom's merger talks with Aircel collapsed.

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