Reliance Industries’ (RIL) telecom arm -- Reliance Jio Infocomm (Jio) has received National Company Law Tribunal’s (NCLT) approval to acquire 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.
The Committee of Creditors has already approved the resolution plan by Jio on March 4, 2020 with a 100 per cent vote. The delay in acquisition of RITL assets due to inter-creditor disputes will deteriorate the value of assets. RITL has fibre assets of around 1.78 lakh route kilometers and 43,540 mobile towers across the country.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
| Company Name | CMP |
|---|---|
| Reliance Industries | 1292.75 |
| Indian Oil Corp. | 140.95 |
| BPCL | 302.20 |
| HPCL | 388.75 |
| MRPL | 160.95 |
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