Reliance Infratel

Reliance Infratel goes to Jio for Rs 3,720 crore for asset acquisition

The tribunal had asked Jio to deposit Rs 3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM's tower and fibre assets

Jio acquires 100 pc stake in Reliance Infratel for about Rs 3,720 crore

Reliance Projects and Property Management Services, a subsidiary of telecom major Jio, has completed 100 per cent stake acquisition in Reliance Infratel for about Rs 3,725 crore, Reliance Industries Limited said on Thursday. Billionaire Mukesh Dhirubhai Ambani-led Jio placed a bid of Rs 3,720 crore in November 2019 to acquire the tower and fibre assets of the debt-ridden subsidiary of his younger brother Anil Ambani-managed firm Reliance Communications. The National Company Law Tribunal (NCLT) gave approval to Reliance Projects and Property Management Services (RPPMSL) for the acquisition of Reliance Infratel (RITL) in November. RIL, in a regulatory filing, said RITL on Thursday allotted to RPPMSL 50 lakh equity shares of Rs 10 each for cash aggregating to Rs 5 crore; and 372 crore zero coupon optionally fully convertible debentures of Rs 10 each, for cash aggregating to Rs 3,720 crore. "The existing paid-up equity share capital of RITL has been cancelled. Upon such cancellation ..

Jio deposits Rs 3,720 cr in SBI escrow account to acquire Reliance Infratel

NCLT gave approval to Jio to acquire Reliance Infratel (RITL) in November

Jio deposits Rs 3,720 cr in SBI escrow account to acquire Reliance Infratel

Reliance Projects and Property Management Services, a subsidiary of telecom major Jio, has deposited Rs 3,720 crore in an SBI escrow account to acquire mobile tower and fibre assets of Reliance Infratel. The National Company Law Tribunal (NCLT) gave approval to Jio for the acquisition of Reliance Infratel (RITL) in November. "Reliance Infratel transaction is complete. Jio has deposited Rs 3,720 crore in a SBI escrow account as directed by NCLT," a source told PTI. Billionaire Mukesh Dhirubhai Ambani-led Jio placed a bid of Rs 3,720 crore in November 2019 to acquire the tower and fibre asset of debt-ridden subsidiary of his younger brother Anil Ambani-managed firm Reliance Communications. The tribunal asked Jio to deposit Rs 3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM's tower and fibre assets. On November 6, Jio had proposed to deposit Rs 3,720 crore in an escrow account to complete the acquisition of Reliance Infratel which is ..

Jio gets NCLT green light to acquire debt-laden Reliance Infratel

Infratel has fibre assets of 178,000 route kilometres and 43,540 mobile towers spread across the country

Jio gets NCLT's approval to acquire debt-laden Reliance Infratel

The National Company Law Tribunal (NCLT) on Monday gave its approval to Jio for the acquisition of Reliance Infratel (RITL). The tribunal asked Jio to deposit Rs 3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM's tower and fibre assets. On November 6, Jio had proposed to deposit Rs 3,720 crore in an escrow account to complete the acquisition of Reliance Infratel which is undergoing an insolvency resolution process. Billionaire Mukesh Dhirubhai Ambani-led Jio placed a bid of Rs 3,720 crore in November 2019 to acquire tower and fibre asset of debt-ridden subsidiary of his younger brother Anil Ambani-managed firm Reliance Communications. The Committee of Creditors has already approved the resolution plan by Jio on March 4, 2020 with a 100 per cent vote. According to an application moved by Reliance Projects and Property Management Services, a subsidiary of Jio, due to the pendency of the proceedings over the distribution of the amount an

Jio offers to deposit Rs 3,720 cr in escrow account to acquire RCom assets

Telecom operator Jio has proposed to deposit Rs 3,720 crore in an escrow account to complete the acquisition of Reliance Infratel which is undergoing liquidation process. Billionaire Mukesh Dhirubhai Ambani-run Jio placed the bid of Rs 3,720 crore in November 2019 to acquire tower and fibre asset of debt-ridden subsidiary of his younger brother Anil Ambani managed firm Reliance Communications. Jio's subsidiary Reliance Projects and Property Management Services in an application before NCLT last month said that the company is committed to and is willing to implement the resolution plan of Reliance Infratel, which was approved by the committee of creditors earlier. Jio said delay in acquisition of RITL (Reliance Infratel Ltd) assets due to inter-creditor disputes will deteriorate the value of assets. "In order to avoid any further delays, the applicant proposes to deposit the total resolution amount in an account with State Bank of India as was directed by this hon'ble tribunal in th

Chinese banks seek FM's intervention in Reliance Infratel's resolution plan

Chinese banks have written to Finance Minister Nirmala Sitharaman on the delays in the implementation of the Resolution Plan for Reliance Infratel Limited.

Chinese banks ask India to expedite Reliance Infratel bankruptcy process

Three lenders have combined exposure of Rs 13,483 cr in the troubled firm; express concern that despite tight deadlines mentioned in IBC, debt resolution is far from over

NCLT adjourns Jio's petition seeking RCom's forensic audit reports

Lenders awaiting RCom's debt resolution since May 2018

SC rejects challenge to approval of resolution plan of Reliance Infratel

The Supreme Court on Tuesday rejected the challenge of operational creditors on approval of resolution plan of the Reliance Infratel Limited by NCLT

Doha Bank plea on resolution of Reliance Infratel upheld by NCLT

The National Company Law Tribunal (NCLT) has upheld the petition of Doha Bank seeking priority payment for the financial creditors of Reliance Infratel which will lead to around Rs 3,515 crore recovery for the lenders, according to a source aware of the development. The payment has to be made from a payment of about Rs 4,400 crore realised from sale of assets to a Reliance Industries Ltd ( RIL) subsidiary through NCLT-driven debt resolution process. According to the source, State Bank of India will receive Rs 728 crore, Mahima Mercantile Rs 514 crore, SC Lowy Rs 511 crore, VTB Capital PLC Rs 511 crore, Doha Bank 409 crore, Emirates NBD Rs 322 crore, ICBC Rs 278 crore and Standard Chartered Bank will get Rs 242 crore. "Reliance Infratel will also get Rs 455 crore towards the equity and Working Capital needs from RIL subsidiary. Rest of the amount will be distributed among operational creditors, employees etc," the source said. NCLT, Mumbai had approved the Reliance Infratel resoluti

NCLT upholds Doha Bank plea, Reliance Infratel to get 100% recovery

National Company Law Tribunal (NCLT) has upheld the petition of Doha Bank resulting in 100% recovery for the Financial Creditors of Reliance Infratel Ltd. (RITL), aggregating to Rs 3,515 crore

NCLT Mumbai approves RIL arm's resolution plan for Reliance Infratel

The National Company Law Tribunal (NCLT) has approved a resolution plan for Reliance Infratel submitted by a group entity of Reliance Industries, according to a regulatory filing. "... the resolution plan submitted by Infrastructure Projects - a division of Reliance Projects & Property Management Services Limited, a wholly owned subsidiary of Reliance Industries Limited, for the resolution of Reliance Infratel Limited, under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016, has been approved by the Hon'ble National Company Law Tribunal... Mumbai bench vide its Order dated December 3, 2020," RIL said in a late evening filing on Friday. Reliance Communications' telecom infrastructure arm Reliance Infratel has around 43,000 towers and 1,72,000 route kilometres of fiber. Lenders are expected to get around Rs 4,400 crore from the resolution process, sources had earlier said. The resolution plan was approved by 100 per cent votes of the committee of

NCLT okays resolution plan for Reliance Infratel; may entail sale of assets

Decks cleared for sale of tower, fibre assets to Reliance Digital

Reliance Infratel resolution gets NCLT nod; lenders may get Rs 4,400 cr

The resolution plan was approved by 100 per cent votes of the committee of creditors.

RCom's committee of creditors likely to vote on resolution plan on Feb 24

The banks are expecting that they will be able to salvage much more than what they did from Aircel

Anil Ambani firms' CoC to discuss Bharti Airtel's offer on Thursday

Sources said Reliance Jio has offered Rs 3,600 crore within 60 days to buy Reliance Infratel.

Reliance Industries highest bidder for Reliance Infra tower & fibre assets

According to a top source, the process could take one to two weeks before a final announcement is made.

Jio likely to bag Reliance Infra's tower, optical fibre for Rs 3,600 cr

Bharti Airtel has placed a bid of around Rs 1,800 crore for the same, according to the sources