Reportedly mukesh mbani's Reliance Industries (RIL) is likely to bid for the assets of brother Anil Ambani's Reliance Communications (RCom) during insolvency proceedings. Furthermore highly placed sources told that Reliance Jio, which is owned by Reliance Industries, is keen on acquiring RCom's airwaves and towers to boost its own telecom infrastructure before the roll out of 5G services.
Presently mukesh Ambani is also interested in buying his younger brother's land assets in Navi mumbai. Anil Ambani's pet project RCom owns Dhirubhai Ambani Knowledge City or DAKC, which Dhirubhai Ambani acquired in the '90s through the acquisition of ICI polyester fibre business. Further according to an HDFC Realty study, quoted by Anil Ambani at the company's shareholders' meet in 2018, the DAKC is estimated to be over Rs 25,000 crore.
Moreover Reliance Jio had earlier tried to acquire RCom's 122.4 MHz of spectrum in the 850 MHz band for Rs 7,300 crore, but the deal was shelved after the Department of Telecom (DoT) did not grant approval. The DoT had denied permission as Jio refused to bear RCom's astronomical debt (RCom currently owes around Rs 46,000 crore). Jio is already using RCom's airwaves in the 850 MHz band in 21 circles.
Distress Sale Begins in Amaravati With Jagan's Silence The real estate in the AP capital region Amaravati, which was in bloom right till the beginning of the Assembly elections a few months ago, is now in a state of gloom. YS Jagan Mohan Reddy's Government has brought all the Government Development Projects in the Capital Region to a Standstill.
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