wordpress blog stats
Connect with us

Hi, what are you looking for?

CCI approves deal selling RCom’s assets to Jio

Anil Ambani-led Reliance Communication’s (RCom) to sell its wireless business and associated infrastructure to Reliance Jio has been approved by the Competition Commission of India (CCI). However, an arbitration court has stayed RCom from selling any assets without permission, in a case filed by Swedish company Ericsson. On that front, RCom has moved to Bombay High Court against this interim order.

The all-cash deal between RCom and Jio was finalised in January this year, and will involve the take over of towers, optic fibre cable network, spectrum, and media convergence nodes. While neither Jio nor RCom had divulged the size of the deal, media reports have pegged its value at Rs 18,000 crore.

RCom was debt-laden and this deal would reduce its losses. It recorded major losses in previous quarters, but its planned exit from consumer business, which comprised of wireless, direct to home and PCO, helped cut its losses up to 95% in the quarter ended December 30, 2017.

The company has discontinued its GSM services in eight service areas and CDMA in nine service areas. The company is now allowing customers to generate unique porting codes port out codes on its website, after the Telecom Regulatory Authority of India extended the deadline for porting out of the network to March 20, 2018.

Advertisement. Scroll to continue reading.

Note: The story will be updated once we have confirmed if CCI’s approval changes the status of the court’s stay order on the deal.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The Delhi High Court should quash the government's order to block Tanul Thakur's website in light of the Shreya Singhal verdict by the Supreme...

News

Releasing the policy is akin to putting the proverbial 'cart before the horse'.

News

The industry's growth is being weighed down by taxation and legal uncertainty.

News

Due to the scale of regulatory and technical challenges, transparency reporting under the IT Rules has gotten off to a rocky start.

News

Here are possible reasons why Indians are not generating significant IAP revenues despite our download share crossing 30%.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ