Delhi-based UVARC has offered to pay about Rs 16,000 crore for the spectrum, real estate, and enterprise and data centre businesses of RCom and Reliance Telecom, which houses these assets
Mukesh Ambani’s Reliance Jio Infocomm and Delhi-based UV Asset Reconstruction Company (UVARC) are learnt to have emerged the highest bidders for the assets of Reliance Communications (RCom) and its subsidiaries, according to banking sources.
The combined bid amount is Rs 21,000 crore. The Anil Ambani-run company went through the insolvency process, and was referred to the National Company Law Tribunal (NCLT) in May last year after an offer from Reliance Jio to buy its assets did not find favour with the creditors. The conditions imposed by the department of telecommunications too were a hindrance.
The resolution professional (RP) was appointed in June. Sources say in a meeting of the committee of creditors (CoC), which ended late in the evening on Monday, Reliance Jio, part of Reliance Industries, agreed to marginally up its earlier offer and is willing to pay about Rs 4,700 crore for the tower and fibre assets of Reliance Infratel.
Delhi-based UVARC has offered to pay about Rs 16,000 crore for the spectrum, real estate, and enterprise and data centre businesses of RCom and Reliance Telecom, which houses these assets. The bidders are believed to have committed themselves to paying 30 per cent of the proceeds within 90 days. Email queries sent to Reliance Jio and UVARC did not elicit any response. An email to RP Anish Nanavaty also went unanswered.
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