Jio placed a bid of Rs 3,720 crore in November 2019 to acquire tower and fibre asset of the subsidiary Reliance Communications
Reliance Jio has secured National Company Law Tribunal (NCLT) nod to acquire Reliance Infratel after months of delay and litigation. On Monday, the Mumbai Bench of NCLT allowed Jio’s application to deposit the resolution amount of Rs 3,720 crore in a State Bank of India (SBI) account.
The order was passed in response to Jio’s October 20 application. The insolvency court’s approval means that Jio can finally complete the acquisition of Reliance Infratel’s tower and fibre businesses.
Infratel has fibre assets of 178,000 route kilometres and 43,540 mobile towers spread across the country. Insolvency proceedings against Reliance Communications (RCom) and its two subsidiaries began afresh in May 2019.
First Published: Nov 21 2022 | 9:19 PM IST