RCom sells assets worth Rs 20 billion to Reliance Jio

RCom said 248 MCNs covering about 5 million sq.ft. of area used for hosting the telecom infrastructure were transferred to Reliance Jio

Reliance Communications Ltd said on Thursday it completed the sale of its media convergence nodes (MCNs) and related infrastructure assets worth 20 billion rupees ($285.4 million) to Reliance Jio Infocomm.

An advertisement of Reliance Industries' Jio telecoms unit, in Ahmedabad. (Reuters File Photo)

The company said 248 MCNs covering about 5 million sq.ft. of area used for hosting the telecom infrastructure were transferred to Reliance Jio.

RCom said in May it expected to sell assets worth 181 billion rupees ($2.58 billion) to Reliance Jio and Canada’s Brookfield, after the bankruptcy appeals court stopped insolvency proceedings against the cash-crunched company.