Wednesday, May 31st, 2023

Jio deposits ₹3,720 crore to acquire Reliance Infratel’s mobile tower and fiber assets

Reliance Infratel Limited: Reliance Projects and Property Management Services, a subsidiary of the country’s leading telecom Reliance Jio, has acquired the mobile tower and fiber assets of Reliance Infratel. JIO has deposited Rs 3,720 crore in SBI Escrow Account for this. It is known that the National Company Law Tribunal (NCLT) had approved Jio for the acquisition of Reliance Infratel (RITL) in the month of November.

Rs 3,720 crore deposited

According to reports, the transaction of Reliance Infratel has been completed in this matter. Jio has deposited Rs 3,720 crore in SBI Escrow account. Billionaire Mukesh Ambani-led Jio had in November 2019 bid for Rs 3,720 crore to acquire the debt-ridden tower and fiber assets of Reliance Communications, a firm managed by his younger brother Anil Ambani. The tribunal had asked Jio to deposit Rs 3,720 crore in a State Bank of India (SBI) escrow account to complete the acquisition of RCom’s tower and fiber assets. Which has now been completed.

when did you propose

As per the directions of NCLT, Jio had on November 6 proposed to deposit Rs 3,720 crore in an escrow account to complete the acquisition of Reliance Infratel, the committee of creditors had earlier approved on March 4, 2020, with 100 per cent votes cast by Jio Resolution Plan has been approved.

the network is so big

RITL has fiber assets of about 1.78 lakh kilometers and 43,540 mobile towers across the country. The loan will be liquidated from the money coming under the resolution funds. In this, SBI and some other banks including Doha Bank, Standard Chartered Bank and Emirates Bank are in a legal battle over the distribution of funds. This matter went before the Supreme Court.

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