The National Company Law Tribunal (NCLT) gave its approval to Jio for the acquisition of Reliance Infratel (RITL). The tribunal 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.
On November 6, Jio had proposed to deposit Rs 3,720 crore in an escrow account to complete the acquisition of Reliance Infratel which is undergoing an insolvency resolution process.
Billionaire Mukesh Dhirubhai Ambani-led Jio placed a bid of Rs 3,720 crore in November 2019 to acquire tower and fibre assets of a debt-ridden subsidiary of his younger brother Anil Ambani-managed firm Reliance Communications.
The Committee of Creditors has already approved the resolution plan by Jio on March 4, 2020, with a 100 percent vote.
According to an application moved by Reliance Projects and Property Management Services, a subsidiary of Jio, due to the pendency of the proceedings over the distribution of the…