Here is what Anil Ambani had to say about his elder brother Mukesh

By: | Updated: September 27, 2016 7:20 PM

Anil Ambani, the chairman of Reliance Group has said that Mukesh Ambani and he will "fulfill Dhirubhai Ambani's telecom dream for India".

Anil Ambani Mukesh Ambani, Reliance Group, Anil Ambani, Mukesh AmbaniTalking at the Reliance Group’s AGM, Anil Ambani said, “We have achieved a virtual merger between Reliance Communications & Reliance Jio.” (Reuters file photo)

Anil Ambani, the chairman of Reliance Group has said that Mukesh Ambani and he will “fulfill Dhirubhai Ambani’s telecom dream for India”. Talking at the Reliance Group’s AGM, Ambani said, “We have achieved a virtual merger between Reliance Communications & Reliance Jio.” Ambani was referring to a strategic agreement between two telecom companies, whereby Reliance Jio and RCom signed agreements for change in spectrum allotment in 800 MHz band across 9 Circles from RCOM to RJio and for sharing of Spectrum in 800 MHz band across 17 Circles. “The Reliance group is here to work with all impediments. We have succeeded in all our businesses,” he said.

Talking about the recent merger of mobile broadband business operations of RCom and Aircel, Anil Ambani said, “The merger with Aircel & SSTL made RCom the 3rd largest telecom player. I believe that the merger with Aircel & SSTL will create huge shareholder wealth.” The combined entity (of RCom and Aircel) has an asset base of over Rs 65,000 crore ($9.7 billion) and net worth of Rs 35,000 crore ($5.2 billion). The MergedCo will have the second-largest spectrum holding amongst all operators, aggregating 448 MHz across the 850, 900, 1800 and 2100 MHz bands, and will enjoy enhanced business continuity through extended validity of spectrum holdings till 2033-35.

Also read: Reliance Jio 4G vs Airtel vs Vodafone: Which operator offers best ‘free’ 4G data plan till December 31; which one to buy

“RCom will be a transformed player in the next one year. We do not want to spend huge funds in spectrum acquisition,” he said. “We will be among the top operators in 12 most important cities across India. We crossed the 1 million 4G paid customers using more than 1GB data mark. RCom has reached full 4G-LTE without any capex on balance sheet,” he added.

On the subject of the tower business, Ambani said, “Talks of tower business monetisation are at an advance stage. We will hear good news shortly on the monetisation of tower business.” On the group as a whole, he said, “We have stitched alliances to maximise cost & operations synergies. We have turned a consolidator, when most saw Rcom as a target for buyout,” he said. “We are targeting 75% debt reduction in the next one year,” he said.

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