UV Asset Resolution Company Limited (UVARCL) and Reliance Jio are set to be declared the preferred bidders for Reliance Communications’ (RCOM) assets.
The move follows lenders overwhelming votes in favour of the resolution plans submitted by these companies.
The lenders have received bids from Jio and UVARCL for different assets of RCOM. Jio is interested in RCOM’s tower and fibre assets housed under subsidiary Reliance Infratel, whereas, UVARCL had bid for its spectrum, real estate, and enterprise and data centre businesses.
To this end, as per the plan approved by lenders, RCOM and it’s subsidiary Reliance Telecom Infrastructure (RTIL) will go to UVARCL whereas the tower company Reliance Infratel will go to Jio for a total consideration of between Rs 200 billion to Rs 230 billion to be paid over a period of seven years.
Picture credit: AFP