Mumbai The National Company Law Tribunal (NCLT) on Monday approved Reliance Jio for the acquisition of Reliance Infratel (RITL). The NCLT has asked Jio to deposit Rs 3,720 crore in an escrow account with State Bank of India (SBI) to complete the acquisition of tower and fiber assets of RCom.
Jio had on November 6 offered to deposit Rs 3,720 crore in an escrow account to complete the acquisition of Reliance Infratel. Reliance Infratel is actually facing the insolvency resolution process.
Industrialist Mukesh Ambani-led Jio had in November 2019 bid for Rs 3,720 crore to acquire the tower and fiber assets of the debt-ridden subsidiary of Reliance Communications, managed by his younger brother Anil Ambani.
Jio’s resolution plan was approved by the Committee of Creditors (CoC) on March 4, 2020, with 100 per cent vote. RITL has a fiber asset of about 1.78 lakh route kilometers and 43,540 mobile towers across the country.
