Mukesh Ambani's Reliance Jio planning to bid for brother Anil's RCom in bankruptcy

July 19, 2019 |
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Mukesh Ambani's Reliance Jio planning to bid for brother Anil's RCom in bankruptcy

Mukesh Ambani's Reliance Industries (RIL) is likely to bid for the assets of brother Anil Ambani's Reliance Communications (RCom) during insolvency proceedings.Highly placed sources told BusinessToday.in 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.

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.

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