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.
The Ministry of Culture launched the Har Ghar Tiranga 2026 campaign on 6 August 2026…
National News Centre Opposes Extending Creamy Layer Principle to SCs The Union government has told…
The International Day of the World’s Indigenous Peoples 2026 will be observed on August 9th…
Operation Safed Sagar took place in the year 1999, which witnessed one of the most…
India's Suraj Kumar Chand as he became the first Indian to win the gold medal…
There is a small village in the district of Mahisagar in Gujarat which is building…