Reliance Communications shareholders approve asset sale plan

Debt-laden Reliance Communications Ltd said on Friday its shareholders approved its asset sale plan, under which the telecoms carrier would sell its wireless assets to Reliance Jio Infocomm Ltd.

RCom said its debt and liabilities would reduce by about 250 billion rupees ($3.91 billion) via debt prepayment and transfer of its wireless assets to Jio, expected to close in March.

RCom said in December that it signed a deal to sell all its spectrum, tower, fibre optic and other telecom infrastructure assets to Jio, which is owned by Reliance Industries Ltd.