Reliance Communications sells $285 million worth assets to Reliance Jio

India's Reliance Communications Ltd said on Thursday it completed the sale of its media convergence nodes (MCNs) and related infrastructure assets worth 20 billion rupees ($285.4 million) to Reliance Jio Infocomm.

The company said 248 MCNs covering about 5 million sq ft of the area used for hosting the telecom infrastructure were transferred to Reliance Jio.

RCom said in May it expected to sell assets worth 181 billion rupees ($2.58 billion) to Reliance Jio and Canada's Brookfield after the bankruptcy appeals court stopped insolvency proceedings against the cash-crunched company.