Anil Ambani’s Reliance Communications “virtually merged” with Mukesh Ambani’s Reliance Jio, reported NDTV. Anil Ambani said, “We [Reliance Communications] have all the spectrum we need for 2G, 3G and 4G services plus spectrum trading and sharing agreements with Reliance Jio.”

He said, “The other telcom companies will have to spend heavily on spectrum to survive. We are confident about the future of Reliance Communications and its market position.” According to him, his company will reduce its debt by 75% in a year, mint reported. On the same day, he also introduced his son Anmol Ambani as a new director on the board of Reliance Capital, reported Economic Times.

The company had announced a merger with Aircel on September 16. It said the merged entity was looking to raise $1 billion (approximately Rs 6,686.5 crore) in equity to expand the venture and make possible payments to the government for mobile spectrum use. The move was announced weeks after Mukesh Ambani’s Reliance Industries Limited launched Reliance Jio, which promised data services for as little as Rs 50 per GB, free voice calls to all Jio customers and nationwide free roaming.