Mukesh Ambani-promoted 4G telecoms network Reliance Jio has agreed to buy the mobile business assets (including the spectrum, mobile towers and optical fibre network) of his younger brother Anil Ambani-promoted Reliance Communications, reported the PTI in The Hindu Business Line and others.

Cyril Amarchand Mangaldas managing partner Cyril Shroff, Mumbai-based national finance projects head and partner L Viswanathan led the team for Reliance Jio;.

Khaitan & Co partner Haigreve Khaitan, partner Rahul Dutt, associate partner Sameer Sah and principal associate Aashutosh Sampat and US firm Davis Polk & Wardwell are also advised client::Reliance Jio;.

Update 29 December 2017, 15:23: Khaitan advised Jio during the bidding and transaction stage, according to the firm’s press release, including conducting diligence, documentation, advising on regulatory aspects and provision of transaction support. The firm’s team also included the following: due-diligence aspects: partner Niren Patel, senior associate Vidushi Gupta, principal associate Abhinav Chandan, senior associate Shobhit Chandra, senior associate Kapish Mandhyan, associate Puneet Rathsharma and associate Piyush Ranjan, SDR aspects: partner Kumar Saurabh Singh and senior associate Krishnendu Sen and associate Meenakshi Kurpad, TMT aspects: principal associate Abhinav Chandan and senior associate Shobhit Chandra, real estate aspects: partner Sudip Mullick, associate partner Yigal Gabriel, principal associate Abhiraj Gandhi, associate Ankita Singh and associate Tanvi Goenka, competition law aspects: partner Avaantika Kakkar and senior associate Kirthi Srinivas.

Reliance Communications, which is saddled with a debt of around Rs 45,000 crore, is understood to have handled the legal elements of the transaction internally.

Update 29 December 2017: J Sagar Associates (JSA) acted for the joint lenders forum convened by the client::State Bank of India for the debt resolution and restructuring of Reliance Communications Limited, Reliance Telecom Limited and Reliance Infratel Limited (RCOM Group). The JSA team was led by joint managing partner Dina Wadia, partner Soumitra Majumdar, senior associate Kartikeya Dar and Associate Rishab Jain.

The proceeds of the sale will primarily be used to reduce Reliance Communications’ debt, according to moneycontrol and other reports.