As per industry sources, Reliance Communications’ (RCOM) lenders have received bids worth Rs 250 billion for the operator’s assets put on sale. Among various interested parties, Reliance Jio and UV Asset Reconstruction Company Limited (UVARCL) have emerged as the highest bidders.

Reliance Jio has placed a bid worth Rs 47 billion for tower and fibre assets of Reliance Infratel Limited (RITL), a subsidiary of RCOM. Meanwhile, UVARC has placed a bid worth Rs 160 billion for spectrum, real estate assets, enterprise and data centre businesses held by RCOM and another subsidiary, Reliance Telecom Limited (RTL).

The bidders have committed to pay 30 per cent of the proceeds within 90 days. Consequently, the 38 lenders to RCOM will be able to recover 75 per cent of the total outstanding Rs 330 billion.

Following the bidding process, the Committee of Creditors (CoC) have to get approvals from respective boards for RCOM’s resolution plans by January 31, 2020. The resolution professional has to file it before the National Company Law Tribunal by February 3, 2020.