India’s RCom sells $285 million worth assets to Reliance Jio

India's RCom sells $285 million worth assets to Reliance Jio

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(Reuters) – India’s Reliance Communications Ltd (RLCM.NS) said here on Thursday it completed the sale of its media convergence nodes (MCNs) and related infrastructure assets worth 20 billion rupees ($285.4 million) to Reliance Jio Infocomm.

A man speaks on his mobile phone as he walks past a closed shop painted with an advertisement of Reliance Communications in Mumbai, India, January 29, 2018. REUTERS/Shailesh Andrade

The company said 248 MCNs covering about 5 million sq.ft. of area used for hosting the telecom infrastructure were transferred to Reliance Jio.

RCom said in May it expected to sell assets worth 181 billion rupees ($2.58 billion) to Reliance Jio and Canada’s Brookfield (BAMa.TO), after the bankruptcy appeals court stopped insolvency proceedings against the cash-crunched company.

Reporting by Sharnya G in Bengaluru; Editing by Gopakumar Warrier

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