NEW DELHI Reliance Industries Ltd's (RELI.NS) telecommunications unit has agreed to use Reliance Communications Ltd's (RLCM.NS) intra-city fibre network to roll out 4G services, in what is the third infrastructure-sharing agreement between the two companies.
Reliance Communications, controlled by billionaire Anil Ambani, said on Monday a master services agreement signed was based on "arm's length pricing at prevailing market prices".
Reliance Industries is controlled by India's richest man Mukesh Ambani, and its telecommunications unit Reliance Jio Infocomm Ltd is the only company to have nationwide 4G permits. The company has yet to start commercial services.
Reliance Jio last year agreed to lease Reliance Communications' inter-city fibre for its 4G network, in the first business tie-up between the once-feuding Ambani brothers. Later in the year, it signed a $2.1 billion pact for leasing Reliance Communications' mobile phone towers.
Reliance Communications had previously said it was in talks with Reliance Jio to share its intra-city fibre assets.
Reliance Jio has separately signed infrastructure pacts with mobile phone market leader Bharti Airtel (BRTI.NS), and tower companies Bharti Infratel (BHRI.NS) and Viom Networks.
(Reporting by Devidutta Tripathy; Editing by Anand Basu)
Trending On Reuters
State Bank of India, the nation's top lender by assets, reported a better-than-expected 23 percent rise in quarterly profit on Friday and said its bad loan ratio declined sharply, sending its shares up by more than 5 percent. Full Article | Full Coverage
Gold demand slows as China eyes equities; lack of weddings in India weighs Full Article