With the acquisition, Reliance Jio is perfectly placed to proceed with its JioGigaFibre roll out later this year
Indian telecommunications firm Reliance Communications (RCom) has completed the sale of its fibre optic network to Reliance Jio, in a deal worth around $4.2 billion.
RCom has been looking to sell off its telecoms assets to alleviate spiralling levels of debt and the sale of its fibre optic network to Jio will go some way to balancing the company’s balance sheet.
“With the successful completion of the fibre monetisation transaction, 1,78,000 kms fibre stand transferred to Reliance Jio,” The Economic Times of India quoted an RCom spokesperson as saying
Last week, RCom was said to be mulling two separate bids for its remaining telecoms architecture (excluding its fibre optic network), with both bids reported to be in excess of $1.1 billion.
Since its radical disruption of the Indian mobile market, Reliance Jio has now turned its attention to the country’s fixed line sector, pledging to roll out full fibre to the home services across 1,100 towns and cities.
"JioGigaFiber will be the largest greenfield fixed-line broadband rollout anywhere in the world," Reliance Jio’s CEO recently told attendees at the company’s annual conference.