MUMBAI: Reliance Projects and Property Management Services, a subsidiary of telecom main Jio, has deposited Rs 3,720 crore in an SBI escrow account to procure cell tower and fiber belongings of Reliance Infratel. The National Company Law Tribunal (NCLT) gave approval to jio for the purchase of Reliance Infratel (RITL) in November.
“Reliance Infratel transaction is complete. Jio has deposited Rs 3,720 crore in an SBI escrow account as directed by NCLT,” a supply advised PTI.
Billionaire Mukesh Dhirubhai Ambani-led Jio positioned a bid of Rs 3,720 crore in November 2019 to procure the tower and fiber asset of debt-ridden subsidiary of his more youthful brother Anil Ambani-managed company Reliance Communications.
The tribunal requested Jio to deposit Rs 3,720 crore within the State Bank of India (SBI) escrow account to finish the purchase of RCOM’s tower and fiber belongings.
On November 6, Jio had proposed to deposit Rs 3,720 crore in an escrow account to finish the purchase of Reliance Infratel which is present process an insolvency answer procedure.
The Committee of Creditors has already licensed the answer plan via Jio on March 4, 2020 with a one hundred pc vote. RITL has fiber belongings of round 1.78 lakh direction kilometers and 43,540 cell towers around the nation.
The price range might be allotted among the lenders as soon as the inter-creditor dispute over the distribution of answer price range is settled.
SBI and a couple of different banks, together with Doha Bank, Standard Chartered Bank, and Emirates Bank, are engaged in a criminal fight over the distribution of price range. The topic is pending sooner than the Supreme Court. Doha Bank had challenged the classification of claims from the oblique collectors of RITL because the monetary collectors via the answer skilled.
“Reliance Infratel transaction is complete. Jio has deposited Rs 3,720 crore in an SBI escrow account as directed by NCLT,” a supply advised PTI.
Billionaire Mukesh Dhirubhai Ambani-led Jio positioned a bid of Rs 3,720 crore in November 2019 to procure the tower and fiber asset of debt-ridden subsidiary of his more youthful brother Anil Ambani-managed company Reliance Communications.
The tribunal requested Jio to deposit Rs 3,720 crore within the State Bank of India (SBI) escrow account to finish the purchase of RCOM’s tower and fiber belongings.
On November 6, Jio had proposed to deposit Rs 3,720 crore in an escrow account to finish the purchase of Reliance Infratel which is present process an insolvency answer procedure.
The Committee of Creditors has already licensed the answer plan via Jio on March 4, 2020 with a one hundred pc vote. RITL has fiber belongings of round 1.78 lakh direction kilometers and 43,540 cell towers around the nation.
The price range might be allotted among the lenders as soon as the inter-creditor dispute over the distribution of answer price range is settled.
SBI and a couple of different banks, together with Doha Bank, Standard Chartered Bank, and Emirates Bank, are engaged in a criminal fight over the distribution of price range. The topic is pending sooner than the Supreme Court. Doha Bank had challenged the classification of claims from the oblique collectors of RITL because the monetary collectors via the answer skilled.