Mumbai, Dec 12 (TIWN / IANS) Reliance Jio on Tuesday said its Board of Directors has decided to hive off its fibre and tower businesses and form two separate companies.

The move is likely to help in monetisation process for the businesses in future.

In a statement, Reliance Jio said its board approved "a scheme of arrangement for transfer of its fibre undertaking, on a going concern basis, to a separate company".

"A scheme of arrangement for transfer of its tower undertaking, on a going concern basis, to a separate company" was also cleared, it said.

The schemes would be subject to requisite statutory and regulatory approvals, the company said.