Reliance Jio Infocomm Ltd and Reliance Communications Signed 1200 Crore Definitive Agreement
Reliance Jio Infocomm Ltd and Reliance Communications on 2 April 2013 signed a 1200 crore Rupees definitive agreement to roll out the 4G services.
Reliance Jio Infocomm Ltd and Reliance Communications on 2 April 2013 signed a 1200 crore Rupees definitive agreement. As per the deal, Reliance Jio Infocomm Ltd, the Mukesh Ambani-led Reliance Industries' telecom arm will make use of the optical fibre network of Reliance Communications in order to roll out the 4G services.
Under various terms of agreement, the Reliance Jio Infocomm will make use of multiple fibre pairs across the 120000 km inter-city fibre optic network of Reliance Communications for bringing out the 4G services. Reliance Communications, in the meanwhile, will get reciprocal access to optic fibre infrastructure to be constructed by Reliance Jio Infocomm in near future.
Mukesh Ambani and Anil Ambani, known as the richest brothers of the world, have been under dispute over the natural gas interests. The relations between the two strained after the death of their father, Dhirubhai Ambani in 2002. Reliance Empire broke between the two in 2005. In 2010, Anil Ambani and Mukesh Ambani abandoned the non-competition agreement which curtailed them from entering into same businesses.
While Mukesh Ambani is the Chairman and MD of Reliance Industries as well as the owner of IPL team- Mumbai Indians, Anil Ambani on the other hand has his businesses in finance, infrastructure and power.