Consequent to the arrangement, Jio or its nominees will get assets under four groups – cellular towers, optic fiber cable system, range and press convergence nodes – from RCom and its affiliates, ” the announcement said.
“These resources are tactical in nature and therefore are expected to contribute considerably to the huge scale roll-out of fiber and wireless to home and business services by RJIL,” it stated.
An advantage monetisation procedure for RCom resources was mandated from the creditors of RCom, who appointed SBI Capital Markets Limited to conduct the procedure. The practice is supervised by an independent group of business specialists. RJIL emerged as the successful bidder at the two-stage bidding procedure.
“The purchase is subject to receipt of requisite approvals from regulatory and governmental authorities, consents from all creditors, launch of encumbrances on the stated resources and additional conditions precedent. The thought is payable at conclusion and is subject to alterations as stated in the agreement,” the announcement said.
RJIL has been 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.