The National Company Law Tribunal (NCLT) has given its approval to Reliance Infratel’s resolution plan. Consequently, Reliance Jio can now acquire the tower and fibre assets of the bankrupt company.
As per industry sources, the towerco holds 43,000 towers and 172,000 km of fibre. Reliance Infratel is a 100 per cent subsidiary of Reliance Communications (RCOM).
Under the plan approved by NCLT, lenders may recover under Rs 40 billion through the resolution plan of Reliance Infratel. Further, NCLT has reportedly directed that the recovery money be put in interest bearing escrow account of a PSU bank.
