Reliance Projects and Property Management Services — a subsidiary of telecom major Reliance Jio — has deposited Rs 3,720 crore in an SBI escrow account to acquire mobile tower and fibre assets of Reliance Infratel. Reliance Infratel has fibre assets of about 178,000 route kilometres and 43,540 mobile towers across the country. The National Company Law Tribunal (NCLT) gave an approval to Jio for the acquisition of Reliance Infratel (RITL).
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
The Mukesh Ambani-led Reliance Jio had 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 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.
SBI and a few other banks, including Doha Bank, Standard Chartered Bank, and Emirates Bank, are engaged in a legal battle over the distribution of funds. The matter is pending before the Supreme Court. Doha Bank had challenged the classification of claims from the indirect creditors of RITL as the financial creditors by the resolution professional.
The funds will be distributed among lenders once the inter-creditor dispute over the distribution of resolution funds is settled.
Uttar Pradesh is the largest state in terms of population in India comprising of 75…
Dr. Srinivasa Kumar Tummala has been appointed as the Secretary of the Ministry of Earth…
INS Malvan, which is the second Mahe-class Anti-Submarine Warfare Shallow Water Craft (ASW-SWC), is set…
World Day for International Justice is observed every 17th day of July each year. It…
Indian railways set to launch India's first Hydrogen Fuel Cell Train, the train was developed…
The Union Cabinet under the leadership of Honorable Prime Minister Narendra Modi given its approval…