Reliance Infratel, HSBC Daisy reach settlement; NCLAT disposes of case

This clears the way for the sale of Reliance Communications' tower and fibre assets to Reliance Jio

Reliance Infratel and its minority shareholder HSBC Daisy Investments (Mauritius) on Friday submitted final consent terms of their settlement before the National Company Law Appellate Tribunal (NCLAT) over the sale of tower and fibre assets. 

Following this, the NCLAT Bench headed by Chairman Justice S J Mukhopadhaya disposed of the appeal filed by the Reliance Communications group firm.  

The consent term between the parties was signed on June 15, 2018, informed senior advocate Salman Khursheed appearing for Reliance Infratel, the tower unit of Reliance Communications.

The Reliance Communications group firm was also backed by State Bank of India at NCLAT in this.

Earlier, on May 29, Reliance Infratel had withdrawn its petition from NCLAT, seeking permission to sell its tower and fibre assets.

Reliance Infratel had informed NCLAT that they have reached a settlement with its minority shareholder. 

The sale of these businesses forms an important part of the overall Rs 250 billion (Rs 25,000 crore) asset monetisation blueprint of the troubled company.  

In December 2017, Mukesh Ambani-led Reliance Jio had struck a mega deal to acquire mobile business assets, including spectrum, towers and optical fibre network of RCom, owned by his younger brother Anil Ambani.