RCom said the deal consideration comprised of cash payment and transfer of deferred spectrum installments payable to Department of Telecommunications.

Reliance Communications shares surged as much as 35 percent in early trade Friday after the company signed an agreement to sell its wireless assets to Mukesh Ambani-led Reliance Jio Infocomm.

The rally is an addition to 90 percent upside seen in previous three consecutive sessions.

The transaction, which is subject to lenders' and other applicable approvals, will close in phased manner in January-March 2018.

While RCom stands to gain from the sale, the proceeds of which will be used for the company's debt reduction, Reliance Jio expects the assets to bolster the rollout of its wireless and FTTH services.

According to the deal, Reliance Jio will acquire RCom's assets such as:

• 122.4 MHz of 4G Spectrum in the 800/900/1800/2100 MHz bands

• Over 43,000 towers , amongst the top 3 independent tower holdings in India

• Approximately 1,78,000 RKM of fiber with pan India footprint

• 248 Media Convergence Nodes, covering around 5 million square feet used for hosting telecom infrastructure

The announcement comes two days after Reliance Communications unveiled a mega restructuring programme that envisaged cutting the company's massive debt by more than 85 percent, Reliance Group Chairman Anil Ambani had said the repayment plan was not just about business.

On Tuesday, Ambani announced that RCom would sell telecom assets, including spectrum, towers, fibres and some real estate assets worth of Rs 25, 000 crore by the end of March 2018 to pay lenders and exit the strategic debt restructuring programme. This way RCom will achieve full resolution of its debt by cutting it to Rs 6,000 crore by monetising assets.

RCom had a debt of about Rs 45,000 crore as of FY17.

At 09:22 hours IST, the stock price of Reliance Communications was quoting at Rs 38.11, up Rs 7.15, or 23.09 percent while Reliance Industries was quoting at Rs 928, up Rs 3.60, or 0.39 percent on the BSE.

Most valuable Financial Advisory with the name of accurate tips provider here invites you to trade in a financial market with risk-free work click here for more >>Ripples Advisory