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July 2018
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Bolt poised for surprise trial with Aussie football club        Iceland coach steps down after 7 years in charge        Govt doubles import duty on over 50 textile products        Walmart partners with Microsoft for cloud solutions        Official: 54 released from Taliban prison in Afghanistan        Putin: US-Russia ties should not be held hostage to Mueller probe        Two dead, 3,500 relocated as rains lash parts of Gujarat        LJP raises Dalit issues in all-party, NDA meetings        SC asks Parliament to consider new law to deal with mob lynching        Court's duty to strike down law if it violates fundamental right: SC        After Kohli, assistant coach Bangar comes to Dhoni's defence        France set for heroes' welcome after thrilling World Cup win        Niti Aayog working on proposal to replace LPG subsidy with cooking subsidy: Kumar        May announces new 2 bn pounds UK-Italian fighter jet project        Russia targeted by almost '25 million cyber-attacks' during World Cup: Putin        Afghan official: Taliban kill 7 police in eastern province        Trump and Putin open historic summit        From April next year, national database for gun licence holders        SC refuses to stay new rules on health warning for tobacco products        CBI chargesheets Farooq Abdullah, three others in JKCA scam        
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Business News
Mukesh Ambani’s Reliance Jio to acquire mobile business assets of Anil Ambani’s RCom
 
(New Delhi, Dec 28, 2017):
Mukesh Ambani-led Reliance Jio will acquire mobile business assets including spectrum, mobile towers and optical fibre network of Reliance Communications -- owned by his younger brother Anil Ambani.

“Reliance Jio Infocomm Limited, a subsidiary of Reliance Industries Limited, today announced signing of definitive agreement for the acquisition of specified assets of Reliance Communications Limited and its affiliates,” Reliance Jio said in a statement.

The deal is slated to bring relief to RCom, which is reeling under debt of around Rs 45,000 crore.

Reliance Jio or its nominees will acquire assets under four categories - Towers, Optic Fiber Cable Network (“OFC”), Spectrum and Media Convergence Nodes (“MCN”) from RCOM and its affiliates.

“These assets are strategic in nature and are expected to contribute significantly to the large scale roll-out of wireless and Fiber-to-Home and Enterprise services by RJIL,” the statement said.

Reliance Jio will acquire all the assets without any previous liabilities attached to them.

“The acquisition is subject to receipt of requisite approvals from governmental and regulatory authorities, consents from all lenders, release of all encumbrances on the said assets and other conditions precedent. The consideration is payable at completion and is subject to adjustments as specified in the agreement,” the statement said.

Reliance Jio said process to acquire assets of RCom is supervised by an independent group of distinguished industry experts and it emerged as the successful bidder in the two- stage bidding process.

“An asset monetisation process for RCOM assets was mandated by the lenders of RCOM, who appointed SBI Capital Markets Limited to run the process,” the statement said.

The parties are bound by confidentiality obligations and will make further disclosures at the appropriate time.

RJIL is being advised by Goldman Sachs, Citigroup Global Markets, JM Financial Private Limited, Davis Polk & Wardwell LLP, Cyril Amarchand Mangaldas, Khaitan & Co and Ernst & Young on this transaction, the statement said.


Govt doubles import duty on over 50 textile products
Walmart partners with Microsoft for cloud solutions
Niti Aayog working on proposal to replace LPG subsidy with cooking subsidy: Kumar
May announces new 2 bn pounds UK-Italian fighter jet project
Mukesh Ambani beats Alibaba's Jack Ma to become richest man in Asia
Rupee up 19 paise against dollar ahead of key macro data release
Sensex rallies 400 pts to hit record high; RIL shares surge 5%
US dollar ends cheaper against rupee
BSNL starts first internet telephony service in India
Silver futures harden by 0.19% on global cues
Passenger vehicle sales rise 38% in June; car sales up 34%
DoT clears Idea-Vodafone merger with conditions
Goyal asks Coal India to ensure supply for power sector
Higher MSP may have inflation, fiscal costs: Report
Modi govt needs to shed 'obsession' with economic growth: Jean Dreze
Will work closely with West Bengal for its progress: Prabhu
Mukesh Ambani announces high-speed broadband, Jio Phone 2 with WhatsApp, FB
Gadkari flags off taxi ambulance services
India expecting US to get in touch with it over sanctions on Iran
Nifty ends higher, hovers around 10,700-mark
KERALA NEWS
Kerala among 13 states on thunderstorm alert
 (New Delhi, May 7, 2018): Thunderstorms accompanied by squall, hail and heavy rains are likel  
Kerala Karshaka Jadha Opens to a Great Beginning / Video
Malappuram press club attack: RSS workers nabbed
Workers injured in mudslide at construction site
INTERNATIONAL NEWS
Official: 54 released from Taliban prison in Afghanistan
 Kabul, Jul 17 (AP) An Afghan official says at least 54 people, including security personnel and civi
Putin: US-Russia ties should not be held hostage to Mueller probe
Russia targeted by almost '25 million cyber-attacks' during World Cup: Putin
Afghan official: Taliban kill 7 police in eastern province
NATIONAL NEWS
Two dead, 3,500 relocated as rains lash parts of Gujarat
 Rajkot/Ahmedabad, Jul 17 (PTI) Two persons, including a school boy, drowned as incessant rains lashe
LJP raises Dalit issues in all-party, NDA meetings
SC asks Parliament to consider new law to deal with mob lynching
From April next year, national database for gun licence holders
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