Fidelity bank banner Bayelsa State banner
India’s richest man wins telecom war, buys out billionaire rival

By Rishi Iyengar on 30/12/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,628

•Telecoms tycoon Mukesh Ambani
•Telecoms tycoon Mukesh Ambani

The battle between two billionaire brothers at the heart of India’s mobile industry has ended with one buying out the other.

Reliance Communications, owned by Indian billionaire Anil Ambani, will sell its mobile business to the rival Reliance Jio network owned by his older brother Mukesh, the companies announced Thursday.

Jio will take over Reliance Communications’ wireless assets, including high-speed mobile bandwidth, over 100,000 miles of optic fiber and more than 43,000 cellphone towers.

Anil Ambani had announced his company’s exit from the mobile business earlier in the week, after months of struggling with the price war across India’s telecom industry.

That price war, somewhat ironically, was started by his brother, who is India’s richest man. The two siblings divided up the Reliance empire their father created, after a bitter succession battle following his death in 2002.

Mukesh Ambani’s Jio network launched with great fanfare in September 2016, offering its customers six months of free 4G internet. The company’s blockbuster deals left most other players in India’s red-hot mobile market scrambling to compete, slashing their prices and consolidating their businesses.

Current industry leader Bharti Airtel acquired the Indian subsidiary of Norwegian telecom firm Telenor. Britain’s Vodafone also decided to merge its India business with local rival Idea Cellular, in a deal that will create a network with over 400 million subscribers.

Jio has amassed more than 100 million subscribers in a little over a year, and looks set to increase its footprint further by acquiring the Reliance Communications infrastructure.

“These assets are strategic in nature and are expected to contribute significantly to the large scale roll-out of wireless [services],” Jio said in a statement.

Reliance Communications, meanwhile, said it plans to use all the cash from Jio to pay off some of its $7 billion debt. The company said it expects to raise around $3.9 billion from the sale of its mobile infrastructure, but did not reveal the value of the final deal.

Neither company responded to requests for additional comment.

Anil Ambani referenced the telecom turmoil triggered by his brother while announcing his exit from the mobile business earlier in the week.

“This is a crisis of the wireless telecom sector and it has engulfed many people and many companies,” he said. “This is something which is not for 10 players to enjoy. This is for two or three or four players to enjoy.” (CNN)

Source News Express

Posted 30/12/2017 11:59:19 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
UI is an extraordinary university in Nigeria: US...

Court grants peace corps commandant Akor, bail

Hands off varsities, Jonathan warns host communities

Saraki’s CoS dumps APC, says party shouldn’t be...

‘Change Begins With Me’: Government officials leading by...

NiMet warns air travelers, road users, others about...

Outrage in police over lopsided promotions •South-East and...

Shiites insist on release of Zakzaky

Kidnappers demand millions of naira from lecturers in...

Blasphemy killings: Curfew on Zamfara community lifted

MOSOP cautions Buhari against renewing Shell’s licence in...

Police spits fire, unveils 15 major electoral offences...

 

Latest News U.S. varsities award $5.3m scholarships to 110 Nigerian students PDP may boycott 2019 elections — Secondus PhD student expelled for plagiarism, three others for turning into “landlords” in varsity Gunmen invade Onitsha estate, kill security man, sack residents ‘Possessed’ student disrupts lecture Ekweremadu leads other South East lawmakers to protest Buhari’s lopsided appointments Pipeline Probe: Senate threatens Total MD, others with warrant of arrest I received N30,000 for abducting Chibok school girls — Suspect Ekiti Gov.-Elect Fayemi vows to probe Fayose’s administration Ortom meets Oshiomhole, denies leaving APC Commissioner rescues 3-month-old baby from insane mother Court stops dissolution of Benue Local Government Councils

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (362,856 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (358,881 views) Shameless Genevieve Nnaji exposes breasts in public (287,245 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (235,709 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (214,993 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (212,773 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (186,859 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (168,786 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (156,461 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (153,046 views) Lagos plane crash: Journalist releases victims’ names (147,857 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (139,041 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (52) Business & Economy (3,358) Business Verdict (45) Columnists (888) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (516) Features (615) Global Business Monitor (285) International (2,145) Interview (157) Live Commentary (28) Love Matters (127) News (37,280) Opinion (1,024) Pidgin (10) Politics (5,619) Religion (785) Sports (1,612) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

FRANCE vs CROATIA 4-2 Highlights & Goals 2018

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement