State Bank of India’s (SBI) board has approved resolution plan for Reliance Communications (RCom), through which lenders are expected to recover around Rs 23,000 crore. RCom's secured debt is estimated to be around Rs 33,000 crore. Lenders submitted claims of around Rs 49,000 crore in August. The company has put all of its assets on sale that include spectrum holding of 122 megahertz (MHz), tower business, optical fibre network and data centres.
UV Asset Reconstruction Company is believed to have placed bid of around Rs 14,700 crore, while Reliance Jio has made an offer of Rs 4,700 crore for tower and fibre assets of Reliance Infratel. There will also be a clawback of Rs 4,300 crore of priority payments made to Chinese and Indian creditors.
RCom is India’s foremost and truly integrated telecommunications service provider.
