Reliance Infratel resolution plan approved by NCLT Mumbai – Jio to pick up the tower unit
Dec 3, 2020, 16:27 IST
The Reliance Infratel resolution plan has been approved by NCLT Mumbai.
The lenders will get Rs. 4,400 crore from Reliance Digital Platform, a group company of Reliance Jio is the successful Resolution Applicant.
Reliance Infratel has 43,000 towers and 172,000 kms fibre. RITL is a 100% subsidiary of RCom.
The resolution Plan was approved by 100% of COC.
The NCLT Resolution plan distribution is subject to disposal of Doha Bank Intervention Application, sources said.
This will clear the decks for Reliance Jio to pick up the tower and fibre assets of this bankrupt company.
According to the approved plan, RCom and its subsidiary RTIL will go to UVARCL while the tower unit, Reliance Infratel, will go to Reliance Jio for a total consideration of Rs 20,000-23,000 crore to be paid over a period of seven years.
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Breather for Anil Ambani as Supreme Court dismisses SBI plea
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The lenders will get Rs. 4,400 crore from Reliance Digital Platform, a group company of Reliance Jio is the successful Resolution Applicant.
Reliance Infratel has 43,000 towers and 172,000 kms fibre. RITL is a 100% subsidiary of RCom.
The resolution Plan was approved by 100% of COC.
The NCLT Resolution plan distribution is subject to disposal of Doha Bank Intervention Application, sources said.
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According to the approved plan, RCom and its subsidiary RTIL will go to UVARCL while the tower unit, Reliance Infratel, will go to Reliance Jio for a total consideration of Rs 20,000-23,000 crore to be paid over a period of seven years.
SEE ALSO:
Breather for Anil Ambani as Supreme Court dismisses SBI plea
NCLT reserves order on SBI plea against Anil Ambani to recover over Rs 1,200 cr