rcom newsR Com has entered into an agreement to sell its wireless assets to Reliance Jio, the Anil Ambani-led company said in a statement on Thursday.

“Reliance Communications Ltd signs binding definitive agreements with Reliance Jio Infocomm limited for sale of valuable wireless spectrum, towers, fiber and MCNs,” the company said in a filing to exchanges. The transaction, which is subject to lenders’ and other applicable approvals, will close in phased manner in January-March 2018.

RCom said the deal consideration comprised of cash payment and transfer of deferred spectrum instalments payable to DoT. The proceeds of the mega telecom deal will be used 100% for debt reduction, the company said.

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