RCOM completes sale of fiber assets worth Rs. 3000 crore to Reliance Jio

Last week Reliance Communications (RCOM) announced the completion of the sale of its Media Convergence Nodes (MCNs) and related infrastructure assets, worth Rs 2,000 crore, to Reliance Jio Infocomm Limited (RJIO). Today the company announced the completion of the sale of its fiber and related infrastructure assets, worth Rs 3,000 crore, to Reliance Jio. RCOM said that it has completed monetization transaction of 178,000 km of fiber to Reliance Jio with pan India footprint. Reliance Jio will use this to launch its JioGigaFiber connected home solution later this year commercial. Jio already said that JioGigaFiber will roll out  in 1,100 cities of India simultaneously. Back in December Reliance Jio announced signing of definitive agreement for the acquisition of specified assets of Reliance Communications (RCOM) and its affiliates that includes Wireless Spectrum, Tower, Fiber and Media Convergence Node (MCN) assets as a part of RCOM’s debt reduction. ROM already said that it will utilise the proceeds of the monetisation of the cash deal for pre-payment of debt to its lenders.