Reliance Communications shareholders approve asset sale plan

Reuters

16 February 2018 at 1:07 am

FILE PHOTO: A worker cleans a mobile store of Reliance Communications Ltd, controlled by billionaire Anil Ambani, in Kolkata, India, September 10, 2016. REUTERS/Rupak De Chowdhuri/File Photo

REUTERS - Debt-laden Reliance Communications Ltd <RLCM.NS> said on Friday its shareholders approved its asset sale plan, under which the telecoms carrier would sell its wireless assets to Reliance Jio Infocomm Ltd <RELIB.UL>.

RCom said its debt and liabilities would reduce by about 250 billion rupees ($3.91 billion) via debt prepayment and transfer of its wireless assets to Jio, expected to close in March. http://bit.ly/2EvsChD

RCom said in December that it signed a deal to sell all its spectrum, tower, fibre optic and other telecom infrastructure assets to Jio, which is owned by Reliance Industries Ltd <RELI.NS>.

($1 = 63.8675 Indian rupees)

(Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Amrutha Gayathri)

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