NEW DELHI: Anil Ambani-led Reliance Communications ( RCom ) on Thursday announced that it has signed definitive binding agreements with Reliance Jio Infocomm for sale of its wireless spectrum, tower, fiber and media convergence node (MCN) assets, the company said in a release to the stock exchanges.Jio, which is controlled by his brother and the country's richest man Mukesh Ambani , emerged as the highest bidder in a transparent process conducted under the supervision of "a high-powered committee" comprising experts from banking, telecom and law, the release said.The process is expected to be completed in three months starting January to March, 2018. For the asset monetisation process, RCom has worked closely with all lenders, advisors and SBI Capital Markets to run a competitive process, it added.The mega deal also coincides with the 85th birth anniversary of Reliance founder Dhirubhai Ambani.The assets to be monetised include 122.4 MHz of 4G Spectrum in the 800/900/1800/2100 MHz bands, 43,000 towers, around 1,78,000 RKM (route kilometres) of fiber and 248 MCN.The deal with Jio comprises primarily of cash payment and includes transfer of deferred spectrum installments payable to the Department of Telecommunication (DoT). RCom will utilise the proceeds of the monetisation of this cash deal solely for pre-payment of debt to its lenders.The RCom stock had surge 7.72 per cent to Rs 30.96 on the BSE when the markets closed on Thursday. On Nifty, the scrip went up by more than 9 per cent. In the last three trading sessions, the stock has zoomed nearly 90 per cent, adding Rs 4,052.09 crore to its market valuation.On Tuesday, RCom chairman Anil Ambani had said that the company has achieved full resolution. Pitching a 'new RCom' after the resolution, Ambani said the company expects to reduce its debt of Rs 45,000 crore (as of October 30) to Rs 6,000 crore. "With strategic debt restructuring (SDR) exit, new RCom to be transformed into B2B business," the RCom chief had said.Speaking on the telecom sector he further said telecom has become a money guzzler where only those with deep pockets can survive. Hinting at Jio, he stated, "It's a clear signal that this (telecom) is something which is not for 10 players to enjoy. This is more for 2-3-4 players to enjoy and those who have either unlimited money or those who have the ability to raise unlimited amount of money,"