<p>Signalling further truce with his elder brother Mukesh Ambani, younger sibling Anil Ambani said that Reliance Communications (RCom) has accomplished a virtual merger with Reliance Jio Infocomm (RJIL).<br /><br /></p>.<p>“We have achieved a virtual merger with Reliance Jio,” Anil Ambani said while addressing shareholders at the annual general meeting of RCom, referring to the spectrum sharing agreement with RJIL.<br /><br /> “Our spectrum, network, fibre, towers and voice are being shared and every effort to reap synergies and lower costs has been achieved. Comprehensive spectrum sharing and trading arrangements and infra sharing with Jio is enabling RCom to pursue asset light strategy,” Ambani said, adding that there are two committed brothers, Mukesh Ambani and Anil Ambani, working relentlessly to fulfill the dreams of Dhirubhai Ambani.<br /><br /> Mukesh and Anil Ambani had split Dhirubhai Ambani’s empire in 2005 with Mukesh Ambani getting oil and gas business and Anil Ambani getting financial services, telecom and power businesses. <br /><br />RCom and Reliance Jio Infocomm had, in January this year, entered into agreements for change in spectrum allotment in 800 MHz band across nine circles from RCom to RJIL and for sharing of spectrum in 800 MHz band across 17 circles. Both the companies had also intended to enter into reciprocal intra-circle roaming arrangements as part of the agreement.<br /><br /> According to Anil Ambani, RCom is planning to significantly cut debt in the next one year besides looking to conclude sale of its tower business soon. “Our target is to reduce debt by 75% within a year,” Ambani said.<br /><br /> “I am pleased to report very good progress on the sale process of our valuable telecom tower assets. Our tower portfolio with one of the most fiberised towers in the sector has immense value and as a consequence, would help in achieving debt reduction in a significant manner. We plan to announce the conclusion of the sale process in the coming weeks,” Ambani said, adding that this transaction along with the merger with Aircel will greatly strengthen RCom’s balance sheet, creating a robust platform for renewed growth in the years to come.<br /><br /> <br /><br /> Ambani also hoped to close Sistema Shyam (SSTL) acquisition deal soon. “We have made significant progress on the acquisition of SSTL. This acquisition will add 30MHz of the long-dated spectrum (with expiry in 2033) in the 850MHz band across eight key circles. It is expected to be completed in the coming months on receipt of final regulatory approvals,” Ambani said.<br /></p>
<p>Signalling further truce with his elder brother Mukesh Ambani, younger sibling Anil Ambani said that Reliance Communications (RCom) has accomplished a virtual merger with Reliance Jio Infocomm (RJIL).<br /><br /></p>.<p>“We have achieved a virtual merger with Reliance Jio,” Anil Ambani said while addressing shareholders at the annual general meeting of RCom, referring to the spectrum sharing agreement with RJIL.<br /><br /> “Our spectrum, network, fibre, towers and voice are being shared and every effort to reap synergies and lower costs has been achieved. Comprehensive spectrum sharing and trading arrangements and infra sharing with Jio is enabling RCom to pursue asset light strategy,” Ambani said, adding that there are two committed brothers, Mukesh Ambani and Anil Ambani, working relentlessly to fulfill the dreams of Dhirubhai Ambani.<br /><br /> Mukesh and Anil Ambani had split Dhirubhai Ambani’s empire in 2005 with Mukesh Ambani getting oil and gas business and Anil Ambani getting financial services, telecom and power businesses. <br /><br />RCom and Reliance Jio Infocomm had, in January this year, entered into agreements for change in spectrum allotment in 800 MHz band across nine circles from RCom to RJIL and for sharing of spectrum in 800 MHz band across 17 circles. Both the companies had also intended to enter into reciprocal intra-circle roaming arrangements as part of the agreement.<br /><br /> According to Anil Ambani, RCom is planning to significantly cut debt in the next one year besides looking to conclude sale of its tower business soon. “Our target is to reduce debt by 75% within a year,” Ambani said.<br /><br /> “I am pleased to report very good progress on the sale process of our valuable telecom tower assets. Our tower portfolio with one of the most fiberised towers in the sector has immense value and as a consequence, would help in achieving debt reduction in a significant manner. We plan to announce the conclusion of the sale process in the coming weeks,” Ambani said, adding that this transaction along with the merger with Aircel will greatly strengthen RCom’s balance sheet, creating a robust platform for renewed growth in the years to come.<br /><br /> <br /><br /> Ambani also hoped to close Sistema Shyam (SSTL) acquisition deal soon. “We have made significant progress on the acquisition of SSTL. This acquisition will add 30MHz of the long-dated spectrum (with expiry in 2033) in the 850MHz band across eight key circles. It is expected to be completed in the coming months on receipt of final regulatory approvals,” Ambani said.<br /></p>
