Reliance Communication unit buys Onyx NewCo LLC (ONL)

MUMBAI: Anil Ambani owned Reliance Communication, through its wholly owned subsidiary Reliance Globalcom Services has acquired a newly incorporated firm named “Onyx NewCo LLC (ONL) , a Delaware Registered Company, on 15 November.

In the filings on the Bombay stock exchange, Reliance Communication states that ONL will be a telecommunications firm and is yet to start its operations.

On Monday, Reliance Communications' reported a net profit of Rs 39 crore for the second quarter, down by 28 per cent compared to the first quarter.

‘Results for quarter was impacted by increase in competitive intensity , migration of CDMA customers to 4G LTE and seasonality factors,’ said the Anil Ambani owned company in a statement.

Revenue for the second quarter is Rs 5142 crore, down by 4 per cent when compared to the first quarter of the financial year. Revenue per minute for the company was down by 1 per cent at 44.6 paise for the September end quarter.