Reliance Jio board approves plan to hive-off fibre, tower assets to separate entities
Live MintNew Delhi: Telecom operator Reliance Jio Infocomm Tuesday said its board has approved schemes to spin off the company’s fibre and tower assets to separate entities. “The board of directors of the company, at its meeting held today, accorded its approval to a scheme of arrangement for transfer of its fibre undertaking, on a going concern basis, to a separate company,” Jio said in a regulatory filing on ‘restructuring/reorganisation proposals’. The board also cleared a similar proposal pertaining to transfer of its tower infrastructure “on a going concern basis, to a separate company”, it added. Having amassed 252 million mobile subscribers, the company is now looking to foray into optical fibre-based broadband services in the country and accordingly announced ₹ 5,230 crore majority stake acquisition plan in two fixed line broadband firms -- Den Networks and Hathway Cable.