This festive season let’s raise a toast in the name of RIL-owned Reliance Jio Infocomm. The reason being its emergence as the front-runner to acquire the assets of the debt-ridden Reliance Communications (RCom).

Talking of RCom it has already placed its spectrum, towers, and fiber on the block. With this, if the company’s asset monetization plans also fortify then the assets would sum up to ₹35,000 crore.

A source close to this development of this company also regarded that, “RJio is leading the talks to acquire all assets RCom intends to sell, while a number of Private Equity (PE) firms and other strategic investors are also in the fray. The company is also in talks with foreign lenders for co-development of its Dhirubhai Ambani Knowledge City (DAKC) campus in Navi Mumbai”.

Further acquisition plans state RJio continuing with the discussions to acquire a range of RCom’s spectrum, which would be valued at about ₹19,000 crore for the remainder of the license period. The company, controlled by billionaire Mukesh Ambani, is also in advanced stages of discussions to acquire RCom’s telecom tower portfolio.

Right now, RCom has about 43,600 towers, valued at ₹8,000-9,000 crore. Further, as per sources, RJio has also proceeded in the discussions to acquire RCom’s domestic fiber, which spans 1.72-lakh km and is valued at about ₹4,000 crore. However, RCom and RJio both have declined to comment on this.

Apart from this, separately, RCom is also in talks with a clutch of PE firms to sell its stake in wholly-owned subsidiary Global Cloud Xchange (GCX). The company has mandated Credit Suisse to find a majority investor in GCX and hopes to rake in another ₹7,000 crore from the sales.

For the co-development of its 133-acre DAKC campus, RCom is believed to be in discussions with Chinese lenders, including China Development Bank.

Meanwhile, RCom’s share price surged around by 44 percent at the fag-end of the trading session on Wednesday, following reports that the National Company Law Tribunal (NCLT) had adjourned the hearing of insolvency petitions against the company to early next month.

The stock closed 35.24 percent higher at ₹17.27 on BSE. During the day, it rose sharply by 44.94 percent to ₹18.51. At NSE, shares of the company rose 35.68 percent to end at ₹17.30.