Jio, UVARC emerge top bidders for RCom assets with bids worth Rs 21,000 cr

Delhi-based UVARC has offered to pay about Rs 16,000 crore for the spectrum, real estate, and enterprise and data centre businesses of RCom and Reliance Telecom, which houses these assets

Mukesh Ambani’s Reliance Jio Infocomm and Delhi-based UV Asset Reconstruction Company (UVARC) are learnt to have emerged the highest bidders for the assets of Reliance Communications (RCom) and its subsidiaries, according to banking sources.

The combined bid amount is Rs 21,000 crore. The Anil Ambani-run company went through the insolvency process, and was referred to the National Company Law Tribunal (NCLT) in May last year after an offer from Reliance Jio to buy its assets did not find favour with the creditors. The conditions imposed by the department of telecommunications too were a hindrance.

The resolution professional (RP) was appointed in June. Sources say in a meeting of the committee of creditors (CoC), which ended late in the evening on Monday, Reliance Jio, part of Reliance Industries, agreed to marginally up its earlier offer and is willing to pay about Rs 4,700 crore for the tower and fibre assets of Reliance Infratel.

Delhi-based UVARC has offered to pay about Rs 16,000 crore for the spectrum, real estate, and enterprise and data centre businesses of RCom and Reliance Telecom, which houses these assets. The bidders are believed to have committed themselves to paying 30 per cent of the proceeds within 90 days. Email queries sent to Reliance Jio and UVARC did not elicit any response. An email to RP Anish Nanavaty also went unanswered.

Asia’s richest man Mukesh Ambani adds $18 billion to his fortune in 2019

In comparison, Alibaba Group founder Jack Ma’s net worth grew $11.3 billion, while Jeff Bezos lost $13.2 billion

It’s been a good year for Asia’s richest man, Mukesh Ambani. The Indian tycoon added almost $17 billion to his wealth as of Dec. 23, the most in Asia, taking his net worth to about $61 billion, according to the Bloomberg Billionaires Index. In comparison, Alibaba Group founder Jack Ma’s net worth grew $11.3 billion, while Jeff Bezos lost $13.2 billion. 

The surge in Ambani’s fortune this year was fueled by a 40% jump in the shares of his Reliance Industries Ltd., a conglomerate that’s pivoting more toward consumer offerings than its core oil refining and petrochemicals businesses. The rally in the stock is more than double the gains for India’s benchmark S&P BSE Sensex index during the period.

Investors are piling money on Reliance, betting newer businesses such as telecommunications and retail could soon unlock value. With a goal of building a local e-commerce giant to challenge the likes of Amazon.com Inc. in India, Mukesh Ambani has spent almost $50 billion — mostly debt — on a wireless carrier that’s become India’s No. 1 within three years of debut.

“Mukesh Ambani changed the narrative for Reliance Industries” as a leader not just in oil and gas but also in telecom and retail, and possibly soon in e-commerce as well, said Chakri Lokapriya, chief investment officer at TCG Asset Management, which oversees $3 billion in assets in Mumbai.

Reliance Jio tower assets sold to Canada’s Brookfield for Rs 25,000 crore

Reliance Jio lnfratel has a portfolio of about 130,000 telecom towers that form the backbone of Reliance Jio Infocomm’s network

Reliance Industrial Investments and Holdings (RIIHL), a wholly-owned subsidiary of Mukesh Ambani-led Reliance Industries (RIL), has entered into binding agreements with Canada’s Brookfield Infrastructure Partners LP and its institutional partners for an investment of Rs 25,215 crore in the telecom tower assets of the RIL.

In a notification to the stock exchanges, RIL noted that Brookfield and its partners would invest Rs 25,215 crore in the units to be issued by the Tower Infrastructure Trust. At the closing of the transaction, the Trust will own 100 per cent of the issued and paid up equity share capital of Reliance Jio lnfratel. Brookfield will buy 100 per cent units issued by the Trust, which, in turn, owns 100 per cent equity of Reliance Jio Infratel, the operating company for Jio’s tower assets.

Reliance Jio lnfratel has a portfolio of about 130,000 telecom towers that form the backbone of Reliance Jio Infocomm’s network. There are plans to build additional towers and the total number of towers is expected to reach approximately 175,000 towers. Jio is an anchor tenant of the tower portfolio under a 30-year Master Services Agreement.

“We are pleased to enter into this long and strategic relationship with Brookfield, which is one of the largest and most respected managers of infrastructure assets globally. We are confident of Brookfield’s abilities to manage this large portfolio of high-quality infrastructure assets and further enhancing value creation opportunities. This transaction demonstrates the belief of global investors in the potential of India’s digital opportunity”, said Mukesh Ambani, chairman and managing director of RIL.

Reliance Jio to offer 100 GB free data, 100 Mbps speed at JioFibre launch

The company is yet to give a definite timeline for the launch of JioFibre broadband services

After shaking the telecom industry, Mukesh Ambani-promoted Reliance Jio is gearing up to launch its much-awaited Fibre-to-the-home (FTTH) broadband services in India.

During its network testing phase, which lasted almost 6 months, Reliance Jio had swept the market by offering free access to many of the Jio services – from 4G high-speed data, voice calls, SMS, apps. In acquiring a record 100 million subscribers during this period, Reliance Jio severely dented the revenues and user base of key rivals like Bharti Airtel, Vodafone and Idea Cellular.

According to a news report in India Today, Reliance Jio would follow the same process as it launches JioFibre network. Currently, the JioFibre broadband services are running under trials in 5 cities. Delhi, Mumbai, Jamnagar, Pune and Chennai are the cities where the trails are going on.

There is no specific timeline defined for the launch of JioFibre broadband services but the launch date offers along with services offered through JioFibre broadband have been reported by India Today in a news report.| read more

 

Reliance Jio is offering 100% cashback on JioFi: Here's how to avail of it

In lieu of the exchange, Reliance Jio provides additional data worth Rs 2,010

 

#LATEST| Reliance Jio is currently offering 100 per cent cashback on its JioFi portable Wi-Fi device, which connects to 10 devices at the same time. The cashback offer is valid for those buying JioFi in exchange for an old dongle, router and 4G data card.

According to the terms and policies of the cashback offer available on Reliance Jio's online portal, customers seeking to avail of a 100 per cent cashback on JioFi need to exchange their old dongle, router or 4G data card. In exchange, Reliance Jio provides additional data worth Rs 2,010 – 5 GB data worth Rs 210 per month for 10 months – that equals 100 per cent of the device amount.

There also is another scheme where users who do not wish to exchange can get an offer worth Rs 1,005 on purchase of JioFi online. In purchases made without exchange, Reliance Jio provides additional data worth Rs 1,005 – 5 GB data worth Rs 210 per month for 5 months – that equals to 50 per cent of the device amount.

Here is a step-by-step guide on how you can avail of 100% cashback offer:

Step 1: To avail of 100 per cent cashback, you need to purchase JioFi device through Jio online portal by paying Rs 1,999.

Step 2: You have to visit a Reliance Jio store with original invoice, JioFi Box with or without old dongle or other device for exchange

Step 3: You need to purchase a Reliance Jio SIM card, which can be done at a Jio Store or any other partner store by furnishing identity proof, address proof and passport size photograph or Aadhaar card.

Step 4: You need to recharge with Rs 408 (309 + 99) or Rs 608 (509 + 99) plan and enjoy the benefits of a Jio Prime membership, along with Jio Dhan Dhana Dhan offer.

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