Saturday, September 30th, 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.

READ ALSO  You can also invest in mutual funds through VISA debit card, know the whole thing

News reels

read this also

Sula Vineyards Listing: Investors got disappointed due to the listing of Sula Vineyards, know how much it was listed

Whatsapp GroupJoin
Telegram channelJoin

With the increase in the circle rate in Noida, the builder-broker together increased the price of the flat by so many lakhs.

Photo: File flat prices Noida Now the dream of buying and building a house has become expensive. In fact, in the board meeting of Noida Authority held on April 23, the allotment rates for...

These big changes including these rules related to buying a car, NPS and locker will affect you, know the full news

New Rules From 1st January 2023: Today is the last day of the year 2022 and from tomorrow the new year will begin. With the beginning of the new year, many such big changes...

Tomato Price: Bad news is also hidden for your EMI in expensive tomatoes

New Delhi: The prices of vegetables and pulses in the country have increased significantly in recent times. In many cities of the country, the price of tomato has crossed Rs 200. This is going...