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

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. 

The National Company Law Tribunal (NCLT) gave an approval to Jio for the acquisition of Reliance Infratel (RITL) in November.

In a stock market notification on Thursday, Reliance Jio indicated that shares and zero-coupon optionally fully convertible debentures were issued by Reliance Infratel to subsidiary Reliance Projects and Property Management Services for Rs 3,720 crore. 

The Mukesh Ambani-led Reliance Jio had placed a bid of