Lenders to ADAG's RITL reach takeover deal with winning bidder RIL

Lenders to the ADAG-promoted Reliance Infrastructure Telecommunications Ltd (RITL) have come to an understanding with the winning bidder for the bankrupt company - Reliance Projects & Property Management Services, an arm of Reliance Industries Ltd (RIL) - on completing the takeover two years after the deal was approved by the National Company Law Tribunal (NCLT). Banks led by the State Bank of India (SBI) have agreed to issue a no objection certificate (NOC) to RIL following which RIL will transfer the agreed amount to an escrow account.