Ambani Brothers sign Rs. 12,000 cr Telecom Tower Deal
Now all is well between Billionaire Ambani brothers as the duo announced a Rs 12,000 crore telecom tower deal today. As per the agreement, Reliance Industries Ltd use the towers owned by the Reliance Communications Ltd to launch his telecom venture.
This is the second deal between Reliance Industries Ltd (RIL) chairman Mukesh Ambani and his younger brother Anil Ambani, who is the chief of Reliance Communications Ltd (RCom) after the duo, had signed their first commercial deal valued at Rs 1,200 crore for the telecom venture two months ago.
As per the second deal, Reliance Jio Infocomm will use up to 45,000 mobile towers of RCom for the launch of its 4G services. Reliance Jio Infocomm is the only firm which had won pan-India spectrum for 4G services in 2010 for 4G services.
The lifetime contract could be considered as significant for both the Ambani brothers. Earlier, the duo had signed inter-city optic fibre sharing agreement in April as part of a comprehensive framework of business co-operation between Reliance Jio Infocomm and Reliance Communications. It was finalised after Mukesh had agreed to hire Anil’s optic fibre network for roll-out of his new venture. The deal was valued at Rs 1,200 crore.