India's Reliance Jio to buy all wireless assets of Rcom

Anil Ambani's debt-laden Reliance Communications Ltd has signed an agreement to sell its wireless assets to Reliance Jio Infocomm Ltd, the telecoms arm of elder brother and billionaire Mukesh Ambani's oil conglomerate Reliance Industries Ltd, both the companies said in separate statements on Thursday.

The sale comprises of all spectrum, tower, fiber optic and other telecom infrastructure assets of Reliance Communications and is subject to government and other regulatory approvals, the statements said.

The sale marks the return of the telecom company back to the fold of Reliance Industries, which forayed into telecoms in 2002, spearheaded by elder Ambani, under the name of Reliance Infocomm Ltd.

A feud between the two brothers in 2005 led to the split of Reliance Industries when Mukesh Ambani kept the cash cow oil and gas business and Anil Ambani walked away with telecoms and power.