Reliance Jio has emerged as the highest bidder for 3-4 of the five asset packages of Reliance Communications.Reliance Jio Infocomm Ltd appears to have emerged as the highest bidder for most of the assets put on the block by the beleaguered Anil Ambani-promoted Reliance Communications Ltd , three people aware of the development said.
Reliance communications assets on the block include its real estate, fibre network, enterprise business, towers and spectrum.
Reliance Industries Ltd, Reliance Jio’s parent, is celebrating its 40th foundation day in Mumbai on Saturday, which also marks the beginning of a week-long celebration at the company as founder Dhirubhai Ambani’s birthday falls on 28 December.
Under the new plan, the company envisages raising Rs27,000 crore through sales of assets including spectrum, real estate and towers. It said that a further Rs7,000 crore will be reduced after lenders convert this into equity for a 51% stake.
Reliance communication has already sold its direct-to-home business Reliance Digital TV and announced optimization of its 2G and 3G wireless operations.
Reliance Jio is also said to be eyeing the telecom towers and optic fibre network of the cash-strapped phone services provider — assets that Canadian pension fund Brookfield, and a clutch of private equity firms have also shown interest in, said one of the sources.RCom has 850 Mhz spectrum in all 22 circles, 2100 Mhz spectrum in 13 circles and 900 Mhz in 2 circles.