Mukesh Ambani-led Reliance Jio signs Rs 1,200 crore deal with Anil Ambani's Reliance Communications

Billionaire Ambani brothers on Tuesday struck a Rs 1,200 crore deal wherein Mukesh will use his younger sibling's optic fibre network for launch of his telecom venture.

Under the pact, Mukesh Ambani-led Reliance Industries' telecom arm will hire nationwide optical fibre network of Reliance Communications for the roll-out of 4G services.

"Reliance Jio Infocomm Ltd and Reliance Communications Ltd today announced the signing of a definitive agreement for approximately Rs 1,200 crore as one-time indefeasible right to use (IRU) fees for sharing RCom's nationwide inter-city fibre optic network infrastructure," RCom said in a statement.


(Reuters)