RCom, Reliance Jio extend validity of asset sale agreement to June 28

Apart from a Rs 3,000-crore sale of its fiber and related infrastructure assets in August, nothing much has happened in the deal, and RCom continues to reel under debt pressure

Anil Ambani-led Reliance Communications (RCom) and his elder brother Mukesh Ambani’s Reliance Jio Infocomm (RJio) on Monday said they extended the validity of the asset sale agreement that the two firms had announced last year to June 28, 2019. 

The move comes at a time when RCom’s spectrum deal with RJio hangs in balance as the telecom department (DoT) has refused to clear the deal over non-payment of dues by RCom.  In December 2017, as part of debt-restructuring efforts, RCom had signed a Rs 25,000-crore deal with RJio. 

RCom shares fell 2 per cent during day’s trade to Rs 14.4 a piece