Mukesh Ambani

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Mukesh Ambani bids Rs 4,700 crore for tower, fibre assets of Anil Ambani’s Reliance Infratel

The board of State Bank of India (SBI) has accepted the resolution plan for sale of Anil Ambani’s bankrupt telecom firm Reliance Communications (RCom) and its subsidiaries. The lenders are expected to recover around Rs 23,000 crore from the sale of assets of RCom and its subsidiaries Reliance Telecom and Reliance Infratel.

Delhi-based UV Asset Reconstruction Company (UVARC) has placed bids worth Rs 14,700 crore for assets of RCom and Reliance Telecom, while Mukesh Ambani’s Reliance Jio has made an offer of Rs 4,700 crore for tower and fibre assets of Reliance Infratel, news agency PTI reported. These two companies have reportedly emerged as the highest bidders in the Committee of Creditors’ (CoC) meeting.

Source: Business Today

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