This article was last updated on April 16, 2022
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Ambani brothers of India take another step forward towards mending their relationship by signing a $2.1 billion deal on Friday. The duo had fought over the distribution of power after the death of their multibillionaire father Dhirubhai in 2002.
Reliance Jio Infocomm, the telecom unit of Mukesh Ambani-led Reliance Industries, signed the agreement with Reliance Communications, the flagship firm of the Anil Ambani group, to share the latter’s telecom tower equipment, a joint statement said. The deal with facilitate Reliance Industries to step up the roll-out of its high-speed fourth generation (4G) telecom services.
“Under the terms of the agreement, Reliance Jio Infocomm will utilise up to 45,000 ground and rooftop-based towers across RCom’s nation-wide network for accelerated roll-out of its state-of-the-art 4G services,” the firms said.
A few months ago, the two companies signed a similar contract of $220-million to share their fibre-optic communications networks while the new agreement will allow both the companies to set up additional towers at different locations.
The agreement announced today provides for “joint working arrangements to configure the scope of additional towers to be built at new locations to ensure deep penetration and seamless delivery of next generation services,” the statements read.
Shares of RComm were trading 0.47 percent lower at Rs 117.50, while RIL was quoting 0.82 percent higher at Rs 798.80 on the BSE in late morning trade.
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