Consequent to the arrangement, Jio or its nominees will get assets under four groups – mobile towers, optic fiber cable system, spectrum and press convergence nodes – from RCom and its affiliates, ” the statement said.
“These resources are strategic in nature and are expected to contribute significantly to the large scale roll-out of wireless and fibre to home and enterprise services by RJIL,” it said.
An asset monetisation process for RCom assets was mandated by the creditors of RCom, who appointed SBI Capital Markets Limited to conduct the process. The practice is supervised by an independent group of industry specialists. RJIL emerged as the successful bidder at the two-stage bidding procedure.
“The purchase is subject to receipt of requisite approvals from governmental and regulatory authorities, consents from all lenders, release of all encumbrances on the stated resources and other conditions precedent. The thought is payable at completion and is subject to alterations as specified in the agreement,” the announcement said.
RJIL is being advised by Goldman Sachs, Citigroup Global Markets, JM Financial Private Limited, Davis Polk & Wardwell LLP, Cyril Amarchand Mangaldas, Khaitan & Co and Ernst & Young with this trade.