MUMBAI — Indian billionaire Mukesh Ambani has emerged as the savior preventing bankruptcy for his younger brother Anil Ambani’s Reliance Communications. Yet his Reliance Jio Infocomm, which has aggressively offered cut-price data and free services, has largely been blamed for the financial woes of RCom and other players.
Reliance Jio Infocomm announced Thursday that it will buy the wireless and telecom assets of Reliance Communications for an undisclosed sum.
As widely expected by the market, Reliance Jio Infocomm, a subsidiary of Reliance Industries,was the highest bidder for Reliance Communications’ assets comprising 122.4 megahertz of 4G spectrum, over 43,000 towers, 178,000 route kilometers of fiber with a pan-India footpr…
Read the full article at: https://asia.nikkei.com/Business/Deals/Elder-Ambani-saves-little-brothers-Reliance-Com-from-debt-rut-but-drives-it-out-of-business
