M&A

M&A

Jio gets NCLT nod to acquire debt-laden Reliance Infratel for Rs.3,720-Cr

Business Standard  

Reliance Jio has secured the permission of the National Company Law Tribunal (NCLT) to acquire Reliance Infratel for a resolution amount of INR 3,720 crore. R-Infratel has fibre assets of 178,000 route kilometres and 43,540 mobile towers spread across the country. In March 2020, the committee of creditors had approved resolution plans submitted by Reliance Jio and UV Asset Reconstruction Company (UAVRCL) for RCom and its two subsidiaries. Jio was the preferred bidder for R-Infratel (which has towers and optic fibre assets). And, UAVRCL's bid was chosen for RCom and Reliance Telecom, which has spectrum. SBI and a few other banks, including Doha Bank, Standard Chartered Bank and Emirates Bank, are engaged in a legal battle over the distribution of funds. The matter is pending before the Supreme Court.