Reliance Comm completes asset monetisation of Rs. 3000 crore

Anil Ambani led debt-laden telco, Reliance Communication has informed bourses that it has completed the sale of its fibre assets and related infrastructure assets, worth Rs. 3,000 crore to brother Mukesh Ambani’s firm Reliance Jio Infocomm Limited (RJio). With this fibre monetization transaction, 1,78,000 Kms fibre asset stand transferred to Reliance Jio Infocomm. 

Besides, recently, Reliance Comm has monetised its media convergence nodes and related infrastructure assets worth almost Rs. 2,000 crore by transferring them to RJio. 

Not long ago, Anil Ambani led Reliance Communication held the position of the second largest telecom operator in India, but Rjio’s entry into the telecom sector triggered a price war which resulted to a financial distress at Reliance Communication and other telecom companies. 

Meanwhile, the stock of Reliance Communication (Rcom) opened at Rs. 19.5 per share on Monday as against its previous close of Rs. 19.1. At 12:38 hours, the stock was trading at Rs. 19 a piece, down by a half per cent.