- The assets of the Reliance Communications Ltd (RCom), being led by Anil Ambani, which were put down on the blocks seem to have found its highest bidder in the form of his elder brother Mukesh Ambani’s Reliance Jio Infocom Ltd.
- Reliance Jio has emerged as the highest bidder for 3-4 of the five asset packages of Reliance Communications. Highlighting that Jio’s bid was out of the box, the person added that it is almost unlikely that any other company can outbid Jio.
- It was also highlighted that Mukesh Ambani was more intrested in buying optical fibre assets, spectrum and tower infrastructure.
- It was also noted that no other firm was able to match the price which Jio was willing to pay.
- If Jio acquires RCom it would result in the latest wave of consolidation in the telecom sector.
- The sale of Reliance communication assets came in after its merger deal with Aircel fell to found. In order to repay its creditors, the giant had presented a plan under which 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.
